Pengaruh Asimetri Informasi dan Tingkat Disclosure terhadap Biaya Ekuitas dengan Kepemilikan Manajerial sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur di Bursa Efek Indonesia)

The objective of this research, the first to analyze the effect information asymmetric toward the cost of equity, the second to analyze the effect level of disclosure toward the cost of equity, and the third to analyze the effect the managerial ownership toward the cost of equity of the manufacturing industry which are listed in Indonesian Stock Exchange (IDX) in 2010-2013. This research used samples of 35 manufacturing industry which are listed in Indonesian Stock Exchange. The sample selection method used purposive sampling method. The statistical testing were used by Partial Least Square (PLS. )The result of this research indicate that (1) information asymmetry have influences significanctly toward the cost of equity, (2) the level of disclosure don\u27t have influences significantly toward the cost of equity, and (3) the managerial ownership have influences significantly toward the cost of equity.DOI: 10.15408/ess.v5i2.233

Market Power and Efficiency of Islamic Banking and Conventional Banking in Indonesia

ASEAN Economic Community (AEC) of banking industry requires both Islamic and conventional banking to improve their efficiency because the competition in banking market industry will be more intense. Therefore, this study aims to identify the type of hyphotesis of industrial organization which exists in Islamic and conventional banks in order to investigate their readiness for AEC. The research sampling consists of 10 Islamic banks and 10 conventional banks from January 2009 to December 2016. To measure x-efficiency and scale efficiency, this research uses Data Envelopment Analysis (DEA). Meanwhile, the concentration is measured by Lerner index. The hypothesis is tested by using panel regression. The result shows SCP (Structure-Conduct-Performance) hypothesis is closely applied to Islamic and conventional banks because market concentration significantly influences profitability. RMP (Relative Market Power) hypothesis is also closely applied to Islamic and conventional banking, this indicates Indonesian banking has market power in determining prices and this condition makes the profit higher. RES (Relative Efficiency Structure) and SES (Scale Efficiency Structure) hypothesis do not exist in both conventional and Islamic banks because x-efficiency and scale efficiency do not affect profitability, concentration, and market share simultaneously. Market power and efficiency researches are commonly conducted in conventional banking, however there are only a few research in Islamic banking area. The novelty of this study is the comparison between conventional and Islamic banking in the term of market structure and efficiency

Asymmetric Information and Non-Performing Financing: Study in the Indonesian Islamic Banking Industry

The purposes of this study are: First, to analyze the indications of moral hazard and adverse selection on Indonesian Islamic commercial banks. Second, to analyze the influence of moral hazard and adverse selection on the Non Performance Financing of Indonesian Islamic banks. Two methods were used for this purpose, a qualitative content analysis approach derived from the results of interviews with the banker from the Islamic commercial banks. Besides that this study also uses Error Correction Model (ECM), with data taken from these listed Islamic banking from 2010 to June 2016. The results show that the indications of moral hazard have a positive effect on the non-performing financing (NPF) in the short run. The indication of the presence of moral hazard occurs at the long run on GDP variable, and the allocation of Murabaha financing (RM) has a positive effect on the mudharabah (FM) profit and loss sharing. The test results also show that adverse selection that represented by the profit sharing rate (PSR) has a positive effect on the level of risk sharing toward non-performing financing (NPF) in the long run.DOI: 10.15408/aiq.v10i2.739

The Impact of Corporate Culture on Marketing Performance

The purpose of this study is to determine the typology of corporate culture of Islamic banking. This study also aims to determine the influence of corporate culture of Islamic banking on marketing performance.This study proves that the corporate culture of Islamic banking that accommodates the Islamic teaching has influence on marketing performance.This study is a comparative study between Bank Muamalat and BNI Syariah. Mixed method is used in this study to analyze collected data. The primary data obtained through survey and interview with employees of the Islamic bank. While secondary data obtained from the annual report documentation, books and articles in scientific journals and other sources that relevant to the research

Anomali Kalendar: Pengaruh Keuntungan Menjelang Hari Libur dan Keuntungan Bulan Januari

This research addressed the two issues central theme is the persistence and stability of two calendar anomalies. The anomalies studied are the Holiday and January effects. The study use daily returns on forty stocks over ten years from January 2, 1990 to December 22, 2000. The empirical research was conducted using t-test and F-test from performing of the linear regression and the GARCH (1,1) model. The result of the GARCH (1,1) model also finds that calendar anomalies are appear that estimates of the Holiday and January effects in the BEJ. There was evidence in upport of the persistence of the anomalies that investors have learned of their existence and have reduced their sectors through arbitrage

Financial Inclusion dan Financial Exclusion di Perbankan Syariah

This paper delvs a set of ‘financial exclusion' factors in the Syari`ah (Islamic-law based) banking and measures its inclusive financial index. The financial exclusion is a condition, in which society has an obstacle to have an access into a financial institution. In contrast, the ‘financial inclusion' is a process, in which a financial institution paves an access into a formal financial institution for unbankable people. This study is descriptive and qualitative. That is, the qualitative analysis uses the analytical technique data developed by Miles and Huberman (2009), such as data reduction, data display, and drawing or verivication of conclusion. Meanwhile, Quantitative analysis uses an Inclusive Financial Index (Indeks Keuangan Inklusif/IKI), such as dimensions attributed to the banking services, such as access, element of usage, and component of quality. This research employs primary resources resulted from interview and macro economic data, particularly sector of banking services. Additionally, this paper also refers to its secondary resources, such as financial report of Syari`ah banking dated from 2014 to 2016, and findings of diverse resources in terms of data, journals, books, and others connected to this study