The Influence of Financial Literacy on Financial Satisfaction With Financial Behavior as Moderating Variable (Case Study on MSMEs in Sleman Regency, Yogyakarta)

This study aims to explain the effect of financial literacy on financial satisfaction with financial behavior as a moderating variable. This research was conducted on SMEs in Sleman Regency, Yogyakarta with a total of 100 SMEs with the sample criteria that MSMEs have been operating for at least 1 year and provide primary needs. This study uses three variables. Data were tested using simple regression and moderated regression analysis. The results of the study show that financial literacy has a positive effect on financial satisfaction. In addition, it was found that financial behavior moderates the effect of financial literacy on financial literacy in MSMEs in Sleman Regency, Yogyakarta. This study shows that the financial literacy of MSME actors will influence their financial behaviour decisions so that the impact will be seen on their financial satisfaction

Analisis Faktor-faktor yang Mempengaruhi Bond Rating [English: An Analysis of Factors that Influence Bond Rating]

Purposes of this study were to provide an empirical evidence on the ratios that influence firms bond rating. The ratio consists of liquidity ratio, profitability ratio, leverage ratio, coverage ratio, and cashflow to debt ratio. The samples consist of 38 firms that list on Indonesian Capital Market on January until December 2008. The empirical result showed that debt ratio (as the proxied of leverage ratio), cashflow to debt ratio, and operating profit margin (as the proxied of profitability ratio significantly influenced bond ratings. Hence time interest earned ratio (as the proxied of coverage ratio), current ratio (as the proxied of liquidity ratio) dan return on assets (as the proxied of profitabilty ratio) didn’t influence firms bond ratings. This results showed that financial report information, especially the ratio of leverage, cashflow to debt, and profitability have some contribution on firms bond ratings in Indonesia. Keywords: Bond rating, liquidity ratio, profitability ratio, coverage ratio, cashflow to debt ratio, leverage rati

Developing financial distress prediction model for companies going public : accounting, macroeconomic, market, and industry approaches

This research is to construct a model for an accurate prediction of financial distress by finding and including other variables outside the data/information derived the accounting reports. The population of this research is composed of all the non-financial companies listed on the Indonesia Stock Exchange. As for the samples, they are the companies experiencing financial distress which is indicated by their negative profits in two consecutive years; and the control group is composed of the companies in the same industry group with the total asset of almost the same as that of the companies experiencing financial distress; only that these companies do not experience financial distress.The model to construct the financial distress prediction is the Binary Logistic Regression. The results show that the variables of the group of financial ratios, namely liquidity, profitability, leverage, activity, and cash flow, can be used as the variables for the financial distress prediction. However, the variables of the group of market and macroeconomic ratios cannot be employed to predict. Meanwhile, the variable of the group of industry treated as a moderating dummy variable does not indicate to have any moderating influence on the variables of financial ratio that previously proved to have significant influence on the possibility of the financial distress of a company.peer-reviewe

The Effect of Financial Literacy and other Determinants on the Intention to Use Electronic Money: Consumer Behavior as a Variable Mediation

The purpose of this study is to investigate how financial literacy and other determinants affect the intention to use electronic money with consumer behavior as a mediating variable. The other determinants are financial capabilities, perceived benefits, and perceived ease of use. The data were collected by distributing questionnaires and analyzed using path analysis. The findings indicate financial literacy, financial capability, perceived benefits, and perceived ease of use directly influence the intention to use electronic money. Moreover, consumer behavior is able to mediate the influence of financial literacy, financial capability, and perceived ease of use, yet unable to mediate the effect of perceived benefits on intention to use electronic money

ANALISIS TINGKAT KEMAHALAN HARGA SAHAM DAN KINERJA KEUANGAN PERUSAHAAN SEBAGAI FAKTOR PEMBEDA KEPUTUSAN PEMECAHAN SAHAM (STOCK SPLIT): PENGUJIAN TERHADAP TRADING RANGE HYPOTHESIS DAN SIGNALING HYPOTHESIS

Dari pengujian dapat disimpulkan bahwa tidak terdapat perbedaan tingkat kemahalan harga saham yang signifikan yang diukur dengan Price Earning Ratio dan Price to Book Value antara perusahaan yang melakukan Stock Split dengan perusahaan yang tidak melakukan Stock split. Sedangkan Earning Per Share dan Earning After Tax antara splitting firms dan nonsplittingfirms berbeda secara signifikan.Ini menunjukkan adanya perbedaan kinerja keuangan yang signifikan antara perusahaan yang tidak melakukan stock split dengan perusahaan yang melakukan stock split, dimana kinerja keuangan perusahaan yang melakukan stock split lebih tinggi daripada perusahaan yang tidak melakukan stock split . Penelitian ini diharapkan dapat menjadi pertimbangan bagi investor untuk menjadikan pengumuman stock split sebagai informasi yang positif (signalling hypothesis) dalam proses transaksi saham di Bursa Efek Indonesia karena terbukti bahwa tingkat kemahalan harga saham serta kinerja keuangan perusahaan yang melakukan stock split lebih tinggi dibandingkan pada perusahaan yang tidak melakukan stock split. Sehingga investor yang menginginkan harga yang lebih rendah pada saat membeli saham, dapat melakukan investasinya pada perusahaan-perusahaan yang melakukan stock split dengan harapan mendapatkan keuntungan (return) dari nilai selisih harga saham (capital gain). Bagi penelitian selanjutnya, karena keterbatasan dalam penelitian ini, sebaiknya memasukkan variabel extraneous (jenis industri dan besarnya perusahaan) sebagai variabel kontrol dan menggunakan metode lain yang dapat menanggulangi masalah normalitas data, misalnya menggunakan model logis yang relatif asumsi yang digunakan lebih longgar. Sehingga diharapkan penelitian akan memperoleh hasil yang lebig reliable.

Analisis Pengaruh Nilai Tukar Rupiah, Inflasi, dan Tingkat Suku Bunga terhadap Kinerja Saham [English: Analysis of Effects Rupiah Exchange Rate, Inflation, and BI Rate on Capital Performance]

Purpose of this study was to provide an empirical evidence of the influence of macroeconomic variables on stock performance. Stock performance was measured using return and risk as the reference investor. To minimize risk, investors need to establish a form of portfolio diversification. This research used manufactured firms that list on Indonesian Capital Market on 2008 until 2010 periods as sample. This research also used several macroeconomics variables such as exchange rate, inflation, and BI rate. The empirical result showed that exchange rate, inflation and BI rate influenced stock return in Indonesian Capital Markets . Keywords: return, exchange rate, inflation, BI rat

STRATEGI DIVERSIFIKASI TERHADAP KINERJA PERUSAHAAN

The purposes of this research were to provide an empirical evidence of the influenceof diversification to the firm performance. This research used 75 manufacturer firms thatdiversified their business. It also used control variable that describe firms characteristic, such asfirm size, debt ratio, current ratio, and firm age. The empirical result showed that thediversification strategy negatively influenced firm performance. It could be because the firmin Indonesia was under the conditions of unstable economics

RELEVANSI INFORMASI DIVIDEN, LABA DAN ARUS KAS PADA PENILAIAN PERUSAHAAN YANG BERTUMBUH DAN PERUSAHAAN YANG TIDAK BERTUMBUH : PENDEKATAN EXPLORATORY FACTOR ANALYSIS

The purposes of this study were to provide an empirical evidence of valuation model relevancy using Investment Opportunity Set (IOS) . This research used 68 firms that list on Indonesian Capital Market on 2008 until 2010 periods and grouping on firms that have high growth opportunities (high IOS) and firms that have low growth opportunities (low IOS). The valuation model were measure by dividend information, retained earning, and free cash flow. The empirical result showed that retained earning and dividend significantly influenced stok price, but free cash flow has no significantly influence on stock price. It also proved that investor used dividend yield and discounted cash flow model as the relevant valuation model on firm that have high growth opportunity. It could be because in Indonesian firms, the growth of the firms are not constant and the analysis of P/E ratio is not proper to use. Keywords: Investment Opportunity Cost, dividend, retained earning, free cash flow, makalah, Seminar Nasional, BC201

COMPETITIVE DAN CONTAGION EFFECTS DALAM TRANSFER INFORMASI INTRA INDUSTRI TERHADAP PENGUMUMAN STOCK SPLIT

The purpose of this research was to investigate the intra industry informationtransfers on stock split announcement at manufactured industries. This research would alsoinvestigate the contagion and competitive effect of the announcement and the factors thatinfluenced this effect. Result of this research showed that there was an abnormal return onsplitting and nonsplitting firms, and the competitive effects that influenced this research(industry characteristic, firms specific characteristics, earning correlation and return variance).However, those factors could not explain the information transfers. This reaction did notinfluence the earning changes of nonsplitting firm