Archive for the Jurnal Category

ANALISA HUBUNGAN INDEX HARGA SAHAM GABUNGAN (IHSG) JAKARTA (JSX), LONDON (FTSE), TOKYO (NIKKEI) DAN SINGAPURA (SSI)

Posted in Jurnal with tags , , , on November 6, 2008 by Admin

LUDOVICUS SENSI WONDABIO
Program Doctoral – Program Ilmu akuntansi
Fakultas Ekonomi Universitas Indonesia

ABSTRACT:

The objective of this research is to analyze the relationship between Jakarta’s Stock Price Index (JSX) and London Stock Price Index (FTSE), Tokyo Stock Price Index (NIKKEI) and Singapore Stock Price Index (SSI) using Econometric Model of Autocorrelation Condition Heteroscedasticity (ARCH) / Generalized Autocorrelation Condition Heteroscedasticity (GARCH) and Vector Autoregression (VAR) for the years 2001 – 2005. Based on the result of this research, the pattern of relationship between JSX and FTSE, NIKKEI and SSI has a difference pattern and unique characteristics. FTSE and NIKKEI have a significant impact to JSX but JSX did not have impact to FTSE and NIKKEI. This condition has approved that the developed countries has a significant impact to the economy of developing country. The relationship between JSX and SSI has a negative impact to JSX

Key words: Stock Price Index, Capital Market, ARCH/GARCH and VAR
Data availability: Data used in this research are derived from publicly available.

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ANALISA KARAKTERISTIK PERUSAHAAN, INDUSTRI DAN EKONOMI MAKRO TERHADAP RETURN DAN BETA SAHAM SYARIAH DI BURSA EFEK JAKARTA

Posted in Jurnal with tags , , on November 4, 2008 by Admin

Robiatul Auliyah
Ardi Hamzah
Universitas Trunojoyo

ABSTRACT
The purpose of this study are to know effect variables of firm characteristic, industry and macro economic on return and beta of syariah stock. The sample of the study are firms listed in Jakarta Islamic Index in 2001 – 2005. Sample total is 150 firm sample. The result of study with F test between all variable with return of syariah stock indicate that all variable at level 5% no significant effect on syariah stock return, while with beta of syariah stock indicate that all variable at level 5% significant effect on syariah stock beta.
The result of study with t-test between variables of firm characteristic, industry and macro economic with return of stock syariah indicate that nothing variables at level 5% significant effect on syariah stock return, while with beta of syariah stock indicate that cyclicality, rupiah exchange value on dollar and gross domestic bruto at level 5% significant effect on syariah stock beta.

Keyword: firm characteristic, industry, macro economy, return and beta of syariah stock

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PENGARUH KARAKTERISTIK PERUSAHAAN DAN FAKTOR REGULASI TERHADAP KUALITAS IMPLEMENTASI CORPORATE GOVERNANCE

Posted in Jurnal with tags , , , on November 4, 2008 by Admin

Deni Darmawati
Universitas Trisakti

Abstract
The purpose if this research is to investigate the determinants of corporate governance implementation quality of Indonesian public listed companies. This research uses 53 firm years for sample. Corporate governance implementation quality data are data for year 2003 and 2004.
The variables that were hypothesized influence corporate governance implementation are investment opportunities, ownership concentration, and leverage. Furthermore, this research also controls the influence of company size and regulatory factors to corporate governance implementation quality. The regulatory factors are bank versus nonblank company and state-owned versus non-stated-owned company. Using multiple regression method, this research found that ownership concentration and company size have positive influence to corporate governance implementation quality. This research also found that state-owned companies have weaker corporate governance mechanism than non-stated-owned companies.
Key words: growth opportunities, ownership concentration, leverage, industry factors, and corporate governance implementation quality.

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PENGARUH MODERASI SIZE TERHADAP HUBUNGAN LABA KONSERVATISMA DENGAN NERACA KONSERVATISMA

Posted in Jurnal with tags , , on November 4, 2008 by Admin

Kiryanto dan Edy Suprianto

Abstract
This research hypothesis and find that : the first, earnings conservatism, the tendency of firms to recognize bad news in earnings on a more timely basis than good news, is substantially greater in portfolios of firms with lower price-to-book ratios than in portfolios of firms with higher price-to-book ratios. Second, the negative association between earnings conservatism and the price-to-book ratios and third, the association between earnings conservatism and the price-to-book ratios have moderated to size of firms.
Keywords : accounting conservatism, earnings, returns, and price-to-book

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PERBANDINGAN KEAKURATAN MODEL ARUS KAS METODA LANGSUNG DAN TIDAK LANGSUNG DALAM MEMPREDIKSI ARUS KAS DAN DEVIDEN MASA DEPAN

Posted in Jurnal with tags , on November 4, 2008 by Admin

Handri Thiono,SE.,MSi1

ABSTRACT

The objective of the study was to examine the ability direct and indirect method information in predicting future cash flow and dividend. This study evaluated FASB’s statements in SFAS 95 and IAI’s statements in PSAK No. 2, that the direct method provided more useful information in predicting future cash flow than indirect method. Panel data regression models were developed. The study evaluated two cash flow and dividend prediction models, that employed cash inflows from operating activities, cash outflows for operating activities, net income, and accrual. The sample of this study was manufacturing companies listed in Jakarta Stock Exchange within the period of 1999-2004. The data was collected using purposive sampling method. The amount of the sample was 35 companies for cash flow prediction models, and 25 companies for dividend prediction models.

The results of this study showed that a combination of cash inflows and cash outflows outperform net income and accrual in predicting future cash flow. However, the evidence showed that direct method model did not outperform indirect method model in predicting future dividend. The empirical results supported the FASB’s statements, that direct method provided useful information in predicting future cash flow than indirect method.
Kata Kunci: Arus kas metoda langsung dan tidak langsung, regresi data panel.
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MEKANISME CORPORATE GOVERNANCE DALAM PERUSAHAAN YANG MENGALAMI PERMASALAHAN KEUANGAN (FINANCIALLY DISTRESSED FIRMS)

Posted in Jurnal with tags , on November 4, 2008 by Admin

RATNA WARDHANI
Universitas Indonesia
Indonesia Banking School

Abstract
Corporate Governance mechanisms believed to have strong impact to the companies’ performance. The implementation of Corporate Governance in one company might be different to the implementation of Corporate Governance in other company due to the characteristic of the company. This study examined the difference of Corporate Governance mechanisms in financially distressed firms and non financially distressed firms. Corporate Governance mechanisms examined in this study are size of board, independency of board, board turn over, ownership structure by bank or financial institution and by directors. The result of this study showed that size of directors, size of commisioner, and board turn over have significant impact on the probability of firm experienced financial distressed. The evidence on impact of board of director and board of commissioner size on the probability of firm experienced financial distressed also confirmed by test using lag 1 year. This study fail to document the evidence of the relationship of board indepedency and ownership structure with the probability of firm experienced financial distressed.

Key words: Corporate governance, financial distress, board size, board independency, board turnover, ownership structure.

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Pengaruh Arus Kas Operasi Terhadap Harga Saham Dengan Persistensi Laba Sebagai Variabel Intervening

Posted in Jurnal with tags , on November 4, 2008 by Admin

Meythi
Staf Pengajar Universitas Kristen Maranatha Bandung

ABSTRACT
This research is aimed to examine and find out empirical evidence of the positive influence of operation cash flow on stock price with earnings persistence as the intervening variable. Samples used in this research are manufacturing companies listed in Bursa Efek Jakarta in 4 years observation period (1999-2002). Total samples are 100 companies. The data are collected using purposive sampling method. The component of cash flow used is the operation cash flow with direct method from the cash flow report. Earnings persistence is measured using regression coefficient between current earnings and next period earnings. This method is used since it is appropriate with the condition in Indonesia. The earnings used is operating income. The result of path analysis shows that operation cash flow does not influence stock price with earnings persistence as the intervening variable. Thus, the hypothesis of the research is not empirically supported.
Keywords: Stock Price, Operation Cash Flow, and Earnings Persistence

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