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1 Financial Management and Accounting ABS-1

Analysis of Tax Avoidance Strategies
Heni Mulyani (a*), Yayat Supriatna (b), Heraeni Tanuatmodjo (c), Ajang Mulyadi (d), Arlin Wahyu Dwiantika (e)

a) Faculty of Economic and Business Education, Universitas Pendidikan Indonesia
Jalan Dr. Setiabudhi 229, Bandung 40154, Indonesia
*henimulyani[at]upi.edu
b) Faculty of Economic and Business Education, Universitas Pendidikan Indonesia
Jalan Dr. Setiabudhi 229, Bandung 40154, Indonesia
c) Faculty of Economic and Business Education, Universitas Pendidikan Indonesia
Jalan Dr. Setiabudhi 229, Bandung 40154, Indonesia
d) Faculty of Economic and Business Education, Universitas Pendidikan Indonesia
Jalan Dr. Setiabudhi 229, Bandung 40154, Indonesia
e) Faculty of Economic and Business Education, Universitas Pendidikan Indonesia
Jalan Dr. Setiabudhi 229, Bandung 40154, Indonesia


Abstract

This study aims to analyze the tax avoidance strategy through profitability, company size, sales growth, and level of debt in basic industrial and chemical sector companies listed on the Indonesia Stock Exchange in 2016 - 2020. In this study, profitability is measured by Return on Assets (ROA), company size is measured by size, sales growth is measured by sales growth, debt levels are measured by Debt to Assets Ratio (DAR), while tax avoidance is measured by Cash Effective Tax Rate (CETR). The research method used is descriptive and verification methods. The research sample was 28 companies which were obtained based on purposive sampling technique with a research period of 5 years so that the observation data amounted to 140. The data used are secondary data from financial reports as well as annual reports and IDX Statistics published by the IDX. The statistical analysis used is panel data linear regression analysis with time lag using the EViews 10 program. The panel data linear regression estimation technique uses the Random Effect model. Based on the results show that profitability has a positive effect on tax avoidance, company size has a negative effect on tax avoidance, sales growth has a positive effect on tax avoidance and the level of debt has a positive effect on tax avoidance. It concluded that profitability, company size, sales growth, and level of debt can be used as tax avoidance strategies.

Keywords: Profitability, company size, sales growth, debt levels, tax avoidance.

Share Link | Plain Format | Corresponding Author (Heni Mulyani)


2 Financial Management and Accounting ABS-9

Does Asymmetric Information Perception Relate To MSME^s Access To Banking Credit?
Syti Sarah Maesaroh1*, Agus Rahayu2, Lili Adi Wibowo3, Alfira Sofia4, Risma Rahatuningtyas5

1Faculty of Economic and Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia
2Faculty of Economic and Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia
3Faculty of Economic and Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia
4Faculty of Economic and Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia
5Tasikmalaya Campus , Universitas Pendidikan Indonesia, Tasikmalaya, Indonesia


Abstract

One of the problems of MSMEs in Indonesia is related to finance. MSMEs experience obstacles, especially in obtaining loan funds for business operations. This study analyzes the factors that determine MSMEs^ access to formal credit from banks. The research method uses path analysis to test a theory-based model of causal, direct, and indirect relationships among financial literacy, the proportion of own capital, use of fintech, asymmetric information perception, and access to bank credit. The results showed that the asymmetric perception of information positively and significantly mediates the relationship between the effect of financial literacy and the proportion of own capital on access to bank credit. Meanwhile, asymmetric information perception does not affect the mediation of the relationship between fintech use and access to bank credit.

Keywords: Credit, Financial, Loan, MSMEs

Share Link | Plain Format | Corresponding Author (syti sarah maesaroh)


3 Financial Management and Accounting ABS-14

Comparative Analysis of Capital Structure and Profitability During the COVID-19 Pandemic on Telecommunications Companies in Indonesian Stock Exchange
Novie Wulan Sari (a*), Mokhamad Anwar (b)

Magister of Management, Faculty of Economics and Business, Padjadjaran University, Bandung, Indonesia


Abstract

This study examines the comparative analysis of capital structure and profitability during the Covid-19 Pandemic. In knowing the extent of the benefits obtained by a company, it can be seen from the financial performance, especially in the capital structure as measured by the DER and DAR. The capital structure will have an effect to the profitability measured by the ROE, this is because the maximum use of debt will reduce interest payments because the company is required to pay higher interest. In the profitability calculation, we can find out the level of profit obtained from the company during the covid-19 pandemic. The purpose of this study is to find out the comparison between capital structure and profitability. Other than that, it is also to find out the extent of the influence of the capital structure on profitability. This study used a telecommunication company listed on the Indonesian Stock Exchange over the period of 2017-2021. The type of data used is secondary data. The results of this study show that the capital structure of PT Telkom Indonesia Tbk had an increased in liability, asset, equity and profitability during the pandemic situation. PT XL Axiata Tbk had an increased in liability, asset and equity, but has decreased profitability. PT Indosat Tbk had an increased in liability but it suffered a decrease in asset, equity and profitability.

Keywords: Capital Structure- Profitability- Debt to Equity Ratio (DER)- Debt to Asset Ratio (DAR)- Return on Equity (ROE)

Share Link | Plain Format | Corresponding Author (Novie Wulan Sari)


4 Financial Management and Accounting ABS-274

Effect of Financial Behavior and Financial Attitude on Financial Satisfaction of E-wallet Products
Ahim Surachim, Fitriani Salsabila, Sulastri

Universitas Pendidikan Indonesia


Abstract

This study aims to obtain an overview of financial behavior and financial attitude towards financial satisfaction by students using Go-Pay at the University of Education Indonesia. The type of research used is descriptive verification research, and the method used is quantitative survey with purposive sampling technique with a total of 250 respondents with the object of this research being students using Go-Pay. The data analysis technique used is Structural Equation Modeling (SEM) using the IBM SPSS AMOS version 26.0 program for windows. The findings obtained in this study indicate that the financial behavior variable and the financial attitude variable have a positive and significant effect on the financial satisfaction variable. The level of financial behavior variables that use the Go-Pay e-wallet is high. Based on the results of this study, it can be concluded that the higher the level of financial behavior and financial attitude of the user, the better the resulting financial satisfaction.

Keywords: financial satisfaction, financial behavior

Share Link | Plain Format | Corresponding Author (Ahim Surachim)


5 Financial Management and Accounting ABS-279

FINANCIAL LITERACY ANALYSIS OF HOUSEWIVES IN WEST JAVA
Ratu Dintha Insyani Zukhruf F S., Puspo Dewi Dirgantari

Universitas Pendidikan Indonesia


Abstract

This study aims to see how the financial literacy condition of housewives in West Java is. The low financial literacy of the Indonesian people, especially housewives, is feared to have an impact on financial decisions to be taken, for example financial losses, spending and consumption problems tend to be extravagant and the use of credit cards is not wise. This study uses quantitative research methods by distributing questionnaires in the first year to see the real condition of existing financial literacy before providing the needed improvement. The object of this study is a full time housewife from the age of 19 to 55 years who is in the West Java region. Seeing the importance of the urgency of financial literacy in family finances, the contribution of the results of this study will generally describe the real situation of the level of financial literacy of housewives. In particular, this study will look at what factors are needed to increase the level of financial literacy of housewives.

Keywords: Financial Literacy

Share Link | Plain Format | Corresponding Author (Ratu Dintha Insyani Zukhruf Firdausi Sulaksana)


6 Financial Management and Accounting ABS-282

The influence of Heuristic Behavior on Investment Decisions in The Emerging Countries: A case in Indonesia
Asri Solihat (a*), Nugraha (b), Disman (c), Ikaputera Waspada (d)

Universitas Pendidikan Indonesia


Abstract

This study investigates The influence of Heuristic Behavior (Gamblers Fallacy, Anchoring, Availability, Representativeness and Overconfidence) owned by investors on Investment Decisions in the Emerging Countries: A Case in Indonesia. The population in this study were millennial investors or investors who were less than 30 years old in West Java. The Researchers collected the primary data using questionnaires which were administered to 200 millennial/young investors, our respondents, in West Java. The obtained data were analyzed by using the Linear Regression Test assisted by the SPSS 25. The results showed that Gamblers Fallacy, Anchoring, Availability and Overconfidence have a significant effect on Investment Decisions while Representativeness has no effect on Investment Decisions. This research has practical benefits for investors to improve their ability in the investment decision-making process. This research model is based on gaps in the previous research, as well as methods of collecting data from a population or sample that can be measured.

Keywords: Heuristic Behavior, Investment Decisions

Share Link | Plain Format | Corresponding Author (ASRI SOLIHAT)


7 Financial Management and Accounting ABS-30

How Maritime Connectivity & Crude Oil Price Determine Capital Structure of Maritime Industry in Indonesia
Nur Huda Salasa Majid (a*), Imo Gandakusuma (b)

(a) Faculty of Economics and business, Universitas Indonesia, Gedung Dekanat FEB UI Kampus Widjojo Nitisastro, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424
(*) nur.huda01[at]ui.ac.id

(b) Faculty of Economics and business, Universitas Indonesia, Gedung Dekanat FEB UI Kampus Widjojo Nitisastro, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424


Abstract

Purpose - Maritime industries dominates the world^s trade transportation mode because more than 90% of international trade volume is transported by sea. Indonesia as the biggest maritime country in the world has a big contribution to international trade volume. Investment decision are very important for the sustainability & competitiveness of the companies in this industry. This article shows several variables such as Oil Crude Price and maritime connectivity index have determined the capital structure of firms in maritime industry in Indonesia
Design/methodology - The research analysed 23 listed company in maritime industry in Indonesia between 2016-2020 using Ordinary Least Square and fix effect model.
Findings - The Study result in accordance to both Trade-Off Theory and Pecking Order Theory. It shows that financial leverage is negatively affected by return on asset, and positively affected by Tangibility, and operating cash flow. In addition, Oil Crude Price & Maritime Connectivity Index have strengthened and weaken the correlations between financial leverage and its independent variable such as return of asset, Tangibility and Operating Cash Flow.
Practical implications - These findings could help managers of the company to make a decision of their optimal capital structure based on those variables.
Originality/value - This study has focused on macro economical factor that affect in firms^ capital structure such as Crude Oil Price & Maritime Connectivity.
Conclusion - Companies in maritime industry in Indonesia have to be more focus on tangibility and profitability of the company to make an investment decision. Furthermore the results show that fluctuations of Crude Oil Price and maritime connectivity index also become factors to be consider to optimize the capital structure of the Companies.

Keywords: Capital Structure, Maritime Connectivity, Oil Crude Price, Maritime Industry, Investment Decision

Share Link | Plain Format | Corresponding Author (Nur Huda Salasa Majid)


8 Financial Management and Accounting ABS-57

INVESTMENT STRATEGY TO DETERMINE OPTIMAL PORTFOLIO IN BANKING
Laura Osman1,* Nisrul Irawati2, Abdillah Arif Nasution2

1 Magister Management, Pasca Sarjana Universitas Sumatera Utara

2 Magister Management, Pasca Sarjana Universitas Sumatera Utara


Abstract

The purpose of this study is to determine the banking shares that are included in the optimal portfolio and the proportion of the final funds of each company^s shares. This research was conducted on the Indonesia Stock Exchange on stocks listed on the IDX from 2017-2021. This study uses secondary data with non-participant observation data collection method. The research sample of 32 obtained through purposive sampling method with data analysis techniques using the Markowitz model. The results showed that there were 15 stocks that deserved to be a member of the optimal portfolio of the Markowitz model on the Indonesian Stock Exchange. The 15 stocks include BBCA, BBMD, BBNI, BBRI, BBTN, BDMN, BJBR, BMRI, BNGA, BNII, BTPN, BTPS, MEGA, NISP, PNBN which provide an expected return portfolio of 1.905 percent with a portfolio risk level of 0.706 percent.

Keywords: investment, optimal portfolio, IDX, markowitz model

Share Link | Plain Format | Corresponding Author (Laura Osman)


9 Financial Management and Accounting ABS-58

Factors Affecting Non Performing Loans at PT BPR Pijer Podi Kekelengen
Tenny Sitepu, Isfenti Sadalia, Iskandar Muda

Sekolah Pascasarjana
Universitas Sumatera Utara


Abstract

Non Performing Loan (NPL) is a risk faced by the Bank over providing credit to the community. NPL is a ratio that indicates the ability of the bank to manage non-performing loans provided by banks. The higher the NPL ratio, the greater the number of non-performing loans, so the possibility of banks in troubled conditions increases. Banking performance can be seen from its credit quality where the greater the less current, doubtful and bad credit will form an NPL that will be a negative indicator for banks. Banks will try to find solutions to solve non-performing loans. Factors that affect NPL in this research are credit growth ratio, Capital Adequacy Ratio (CAR), Return On Asset (ROA), Return On Equity (ROE), Operating Expenses Operating Income (BOPO) and Loan Deposit Ratio (LDR) as independent variables at PT BPR Pijer Podi Kekelengen using regression with eviews 11 tools with a population of 100 data on a quarterly basis from 2016 to 2020 in 5 offices. There are three models tested, namely Common Effect Model, Fixed Model Effect and Random Effect Model with the best model results, namely Random Effect Model. The results of this study that the ratio of credit growth in the coefficient of regression equation of -0.0078 shows that the negative and significant effect on NPL, the coefficient of the CAR ratio regression equation of -0.2284 has a negative and significant effect and the BOPO ratio regression equation coefficient of 0.0645 has a positive and significant effect, while simultaneously affecting 74.59% to NPL.

Keywords: Non Performing Loan, Credit Growth, Capital Adequacy Ratio, Operating Expenses Operating Income

Share Link | Plain Format | Corresponding Author (Tenny Prananta Sitepu)


10 Financial Management and Accounting ABS-63

BANKING EFFICIENCY ANALYSIS WITH DATA ENVELOPMENT ANALYSIS METHOD ON REGISTERED COMMERCIAL BANKS ON THE INDONESIA STOCK EXCHANGE
Jessi Arsitha (1),* Isfenti Sadalia (2), Rulianda Purnomo Wibowo (2)

1 Magister Management, Pasca Sarjana dari Universitas Sumatra Utara
2 Magister Management,Pasca Sarjana dari Universitas Sumatera Utara


Abstract

This study aims to analyze the efficiency level of commercial banks listed on the Indonesia Stock Exchange for the 2015-2019 period. This type of research was quantitative research. The population in this study includes commercial banks that were consistently listed on the Indonesia Stock Exchange for the 2015-2019 period which had complete data of 35 commercial banks. This study used the Data Envelopment Analysis (DEA) method with a Variable Return to Scale (VRS) model using an intermediation approach. The results of this study indicated that the average banking efficiency score on the Indonesia Stock Exchange during the 2015-2019 research period was 0.949630. Of the 35 banks analyzed, there are only three commercial banks that was able to maintain a level of technical efficiency of 100 percent or 1 (efficient) in a row during 2015-2019 and thirty-two other banks that had not yet achieved 100 percent or 1 efficiency. The results of the study based on bank groups, namely large banks, medium banks, and small banks showed that large banks were more efficient than the groups of medium and small banks.

Keywords: Commercial Banks, Efficiency, Data Envelopment Analysis (DEA)

Share Link | Plain Format | Corresponding Author (Jessi Arsitha)


11 Financial Management and Accounting ABS-74

Corporate Governance and Debt Equity Ratio: Its effect on Share Price
Triyono Adi Tristanto1, Nugraha2, Ikaputera Waspada3, Maya Sari4, Imas Purnamasari5, Kartika Septiani6

1,2,3,4,5 Department of Management, Universitas Pendidikan Indonesia, Bandung, Indonesia
6 Institut Bisnis dan Informatika Kosgoro 1957 Jakarta, Iindonesia
*email: t.aditristanto[at]upi.edu


Abstract

This paper investigates the impact of Corporate Governance and Debt Equity Ratio on the Share Price in Manufacturing Companies of the Consumer Goods Industry, Firms listed in Indonesia Stock Exchanges are taken as sample. Time period is 2017-2019. Corporate Governance has been measured using Institutional Ownership, Proportion of Independent Commissioners and Audit Committee. Our findings confirm that there is a significant impact of the proportion of independent commissioners and audit committee on share price. Institutional ownership has no impact on share price. Our findings also imply that the Debt Equity Ratio has a significant impact on share price.

Keywords: Institutional Ownership, Proportion of Independent Commissioners, Audit Committee, Debt Equity Ratio (DER) and Share Price

Share Link | Plain Format | Corresponding Author (Triyono Adi Tristanto)


12 Financial Management and Accounting ABS-79

THE EFFECT OF FAMILY OWNERSHIP AND PROPORTION OF PROFESSIONAL BOARD OF DIRECTORS ON SUSTAINABILITY REPORT DISCLOSURE (STUDY ON BANKINGS LISTED ON IDX 2015-2021)
Khaira Mareva

Faculty of Economics and Business
Magister Management
Universitas Indonesia


Abstract

Purpose of this research is to examine and analyze the effect of family ownership and the proportion of professional directors on the disclosure of sustainability reports that use profitability as a moderation in the banking industry listed on the Indonesia Stock Exchange from 2015 to 2021. The variable used in this study is family ownership and the percentage of professionals directors and profitability (ROA) as moderating variables. The data collection method used is purposive sampling. The data used are taken from annual reports and sustainability reports issued by each company. The data analysis method used is multiple linear regression analysis using SPSS, to see the causal effect between several independent variables and the dependent variable. The results of this study indicate that family ownership and the proportion of professional directors have a positive effect on sustainability report disclosure, and profitability can strengthen between family ownership and sustainability report disclosure, while it cannot strengthen the proportion of professional directors with sustainability report disclosure

Keywords: Sustainability Report, Family Ownership, Profitability, Banking company, profesional director

Share Link | Plain Format | Corresponding Author (Khaira Mareva)


13 Financial Management and Accounting ABS-102

IMPLEMENTATION OF DISCOUNTING CASH FLOW THEORY IN RESTORATIVE JUSTICE PROCESSES IN THE STAGE OF POLICE INVESTIGATION IN INDONESIA
Nugraha Pranadita, Nugraha, Maya Sari

Management Doctoral Program, Universitas Pendidikan Indonesia
nugrahapranadita[at]upi.edu


Abstract

In the criminal law system in Indonesia, which begins with the investigation process and ends with the criminal process, the police carry out their role at the investigation and investigation stage. Criminal law is enforced in criminal courts, while civil law is enforced in civil courts. This is because the two fields of law have different concepts. The application of restorative justice at the investigation stage in the police is one way of bringing the concept of criminal law closer to the concept of civil law in the context of law enforcement in Indonesia. In the framework of restorative justice, ^punishment^ for a certain crime is replaced by ^compensation payment^. Regarding how the value of compensation is calculated, this is not the domain of legal science to explain it. Law science requires assistance from other sciences in the context of law enforcement. Regarding the calculation of the value of compensation, law science gets help from the science of financial management through the discounted cash flow theory which can be used as an alternative solution to the problem of calculating the value of the compensation. This proves that law is a shared science that is able to provide space for other sciences to assist the development of legal science in the framework of law enforcement, and towards the farthest objectives of law, namely- justice.

Keywords: Theory, discounted cash flow, justice, and law

Share Link | Plain Format | Corresponding Author (Nugraha Pranadita)


14 Financial Management and Accounting ABS-110

Formation Of Indonesia Economic Policy Uncertainty Index For 2014-2021
Puti Adani, Arief Wibisono Lubis

Universitas Indonesia


Abstract

Information contained in newspapers is one factor that determines decision-making at the individual level or on a larger scale. We try to use the information in newspapers to create a proxy for measuring uncertainty by forming the Indonesian Economic Policy Uncertainty Index for 2014-2021. The index was built by analyzing an extensive data set of newspaper articles containing the terms ^economics^ and ^uncertainty^ and similar terms. We were then searching for topics related to ^policy^ in the article, using the text-mining topic modeling method of the Latent Dirichlet Allocation model. Based on the frequency of article publication, an index with a mean of 100 and a standard deviation of 1 was formed for the main index and the index per policy topic. Then the movements and variations of the index are given meaning according to what, who, when, and the effect of a policy. In addition, we also make comparisons with pre-existing uncertainty indices, namely the VIX index, the Global Economic Policy Uncertainty (GEPU) index, and the World Uncertainty Index (WUI) for Indonesia. The IEPU index then consisted of 10 policy topics divided into eight main policy categories- monetary, fiscal, trade, domestic regulation, international regulation, geopolitics, energy/resources, and politics. This category was used to discuss variations in index movements that occur. The results for the comparison with the global VIX and GEPU indices show a negative correlation, whereas when compared with the WUI index for Indonesia, it produces a positive correlation.

Keywords: Economic- Policy- Uncertainty- Uncertainty Index- Text mining

Share Link | Plain Format | Corresponding Author (Puti Adani)


15 Financial Management and Accounting ABS-114

The Effect of Financial Literacy and Investment Experience on Investment Decisions
Eded Tarmedi, Yulia Ratih, Sulastri


Abstract

This study aims to obtain findings about the effect of financial literacy and investment experience on investment decisions. The type of research used is descriptive research, and the method used is quantitative with purposive sampling technique with a total of 100 respondents with the object of this research is the user of the Bibit investment platform. The data analysis technique used in this research is multiple regression analysis technique with the help of SPSS 22.0 for windows program. The findings obtained in this study indicate that the financial literacy variable and the investment experience variable have a positive and significant effect on investment decisions. Where the level of financial literacy of respondents who invest using the Seed investment platform is high. Based on the results of this study, it can be concluded that the higher the level of financial literacy, and the longer the experience of an investor, the better the investment decisions will be.

Keywords: Financial Literacy- Investment Experience- Investment Decisions- Financial Technology ^

Share Link | Plain Format | Corresponding Author (Eded Tarmedi)


16 Financial Management and Accounting ABS-119

Employee Stock Option Purpose: for financial performance or to retain employees?
Yusuf Murtadlo Hidayat, Ikin Solikin, Budi. S. Purnomo & Dini Turipanam Alamanda

Universitas Pendidikan Indonesia


Abstract

Employee stock options are discussed not only by researchers in the field of finance, but also from human resources, to psychology. This study aims to fill the research gap related to ESO by conducting bibliometric analysis on articles from the Google Scholar database. A total of 151 articles were selected from the 175 articles found with a range of publication years 2002-2021. The selected articles are classified based on the relevance of the title and abstract. In addition, it is also classified by publisher. Keywords found and related to ESO are grouped based on relevance and frequency of occurrence in order to obtain three groups of keyword elements.

Keywords: Employee stock option

Share Link | Plain Format | Corresponding Author (Yusuf Murtadlo Hidayat)


17 Financial Management and Accounting ABS-121

The Fed Interest Rate as the Dominant Factor in Portfolio Equity Flows
Wilman San Marino (a*) Nugraha (b) Ikaputera Waspada (c)

(a*, b, c) Universitas Pendidikan Indonesia
Jl. Dr. Setiabudi No 229 Bandung 40154 Indonesia
*wilmansanmarino[at]upi.edu


Abstract

Drivers of portfolio equity flows to EMCs are classified into push factors namely global conditions that encourage investment EMCs and pull factors that are domestic conditions in EMCs that are attractive to investors. The dominant factor that has the most influence on the portfolio equity flows to developing countries is the Fed Fund rates which is a part of push factors. This research is based on descriptive analysis with a literature review approach to explain why the fed interest rate is the dominant factor. The finding are The Fed tracks macroeconomic indicators to capture current growth levels and future potential and adjust policy, one of which is the Fed^s interest rates. In most cases, the central bank is the only expert on economic health information. Therefore, the market will react to the release of policies, and investors will make trading decisions based on these policies.

Keywords: Portfolio Equity Flows- Fed Fund rates- Push Factors, Pull Factors

Share Link | Plain Format | Corresponding Author (Wilman San Marino)


18 Financial Management and Accounting ABS-127

FRAUD AWARENESS BERORIENTASI NILAI ISLAM: PERILAKU ANTI FRAUD PADA SEKTOR BISNIS BERSKALA MENENGAH
Rozmita Dewi Yuniarti R1 , Toni Heryana2 , Indah Fitriani3 , Mimin Widaningsih4 , Lilim Halimah5 , Devi Febriani6 , Osselea Restu A7 , Neng Hasnah Siti A8

UNIVERSITAS PENDIDIKAN INDONESIA


Abstract

Penelitian ini bertujuan untuk mengetahui seberapa besar pemahaman pebisnis mengenai bisnis
tanpa fraud berorientasi nilai Islam. Objek yang diteliti adalah personality pebisnis, pemahaman
lingkungan bisnis, pengetahuan/pengalaman pebisnis tentang fraud. pendekatan yang digunakan
dalam penelitian ini yakni pendekatan deskriptif dan pendekatan kausalitas. Responden penelitian
ini adalah pebisnis skala menengah sebanyak 63 responden yang ditentukan dengan pendekatan
convenience sampling dengan teknik analisis kausalitas yang menggunakan Smart PLS 3.0 sebagai
alat pengolah data.
Hasil penelitian mengungkapkan, pertama: Pemahaman pebisnis berpengaruh terhadap fraud
awareness. Artinya semakin tinggi pemahaman pebisnis yang dilatarbelakangi oleh personality,
pemahaman lingkungan bisnis, dan pengetahuan/pengalaman mengenai fraud akan meningkatkan
kesadaran akan fraud yang dilatarbelakangi oleh faktor peluang, rasionalisasi, dan tekanan. Kedua:
Pemahaman bisnis sangat ditentukan oleh faktor pemahaman lingkungan bisnis. Sementara itu
pengetahuan/pengalaman fraud merupakan faktor yang paling rendah diantara ketiga faktor
tersebut. Hal ini sekaligus menunjukkan bahwa pengetahuan/pengalaman mengenai fraud dari
responden pengusaha menengah merupakan faktor yang perlu mendapatkan perhatian. Ketiga:
Kesadaran akan fraud sangat ditentukan oleh adanya peluang untuk melakukan tindakan fraud.
Kemudian diikuti oleh faktor rasionalisasi dan tekanan.

Keywords: fraud awareness, pemahaman pebisnis mengenai bisnis tanpa fraud, bisnis berdasar Nilai Islam

Share Link | Plain Format | Corresponding Author (Rozmita Dewi Yuniarti Rozali)


19 Financial Management and Accounting ABS-134

Financial Flexibility and Health Sector Firm Performance in ASEAN-5 Countries: Moderating Role of Directors with MD Degree
Nida Hanasa (a*), Arief Wibisono Lubis (b)

a) Faculty of Economics and Business, Universitas Indonesia, Jakarta 10430 Indonesia
*nida.hanasa01[at]ui.ac.id
b) Department of Management, Faculty of Economics and Business, Universitas Indonesia, Jakarta 10430 Indonesia


Abstract

Under uncertain circumstances, financial flexibility is considered to play an important role in enterprise strategic adjustment and is also important for firms in developing countries with high volatility stock markets. With increasing public attention to the health sector as the pandemic progresses, the question arises whether healthcare companies should be led by directors with a medical background or not. This study examines the effect of financial flexibility on the performance of health sector firms in ASEAN-5 countries with the moderating role of directors with medical doctor (MD) degree. Data for 2015 - 2020 from health sector firms listed in Indonesia Stock Exchange, Bursa Malaysia, Singapore Exchange, Stock Exchange of Thailand, and The Philippine Stock Exchange were collected and analyzed using time-series regression technique. Analysis was conducted using Stata software. The study finds that of financial flexibility has no influence on health sector firms performance in ASEAN-5 countries and directors with MD degree has no moderating effect

Keywords: Medical doctor- Board of directors- Financial flexibility- Firm performance- Health sector- ASEAN-5

Share Link | Plain Format | Corresponding Author (Nida Hanasa)


20 Financial Management and Accounting ABS-141

FACTORS AFFECTING THE HEALTH OF PUBLIC BANKING COMPANIES IN INDONESIA
1 Denggan Freddy Pangaribuan, 2. Isfenti Sadalia, 3.Nisrul Irawati

Universitas Sumatera Utara


Abstract

The purpose of this study is to find out and analyze the influence of financial factors (Firm Size, Investment Performance, Operating Margin, Price Earning Ratio, Surplus Growth, and Liquidity) on the health of open government banking companies in Indonesia. The population of this study was as many as five open government banking companies in Indonesia, namely PT. BRI Tbk, PT. BMRI Tbk, PT. BNI Tbk, PT. BTN Tbk, and PT. BSI Tbk. Samples were selected using the purposive sampling method totaling five companies with 43 analysis units (2012 - 2021). The data were processed using multiple linear regression tests for the first hypothesis and residual tests for the second hypothesis using the Eviews Application. The results of this study prove that the hypothesis of financial factors (Firm Size, Investment Performance, Operating Margin, Price Earning Ratio, Surplus Growth, and Liquidity) have a significant effect on the financial health of banking companies.

Keywords: Firm Size, Invesment Performance, Operating Margin, Price Earning Ratio, Surplus Growth, dan Liquidity, and Financial Health of Public Banking Companies in Indonesia

Share Link | Plain Format | Corresponding Author (Denggan Freddy Pangaribuan)


21 Financial Management and Accounting ABS-148

INFLUENCE OF PROSPECTUS INFORMATION AND MACRO ECONOMICS ON INITIAL RETURNS TO COMPANIES THAT UNDERGO INITIAL PUBLIC OFFERING (IPO) ON THE INDONESIA STOCK EXCHANGE (IDX)
Rinaldi Lubis1*,Isfenti Sadalia2, Nisrul Irawati2

Magister Management, Pasca Sarjana Universitas Sumatera Utara


Abstract

Underpricing is a phenomenon that often occurs throughout the world, including in Indonesia during an Initial Public Offering (IPO), which means that the price at the time is lower than the price of the shares traded on the secondary market, the difference in price is defined as the initial return. This study examines the effect of ROA, firm size, firm age, inflation and interest rates on initial return. The population in this study were all companies that conducted Initial Public Offerings (IPOs) on IDX from 2016 to April 2022. The sample selection was carried out by purposive sampling method and obtained a sample of 175 companies. This study uses multiple linear regression analysis. The results of the t test show that inflation and interest rates have a significant positive effect on initial return partially. While ROA, firm size and firm age have no significant effect on initial return partially. F test results show that all variables simultaneously affect the initial return.

Keywords: underpricing, initial return, initial public offering, macroe conomics, prospectus

Share Link | Plain Format | Corresponding Author (Rinaldi Lubis)


22 Financial Management and Accounting ABS-158

IMPROVEMENTS IN MANAGEMENT REPORTING BY UTILIZING THE LAUNDRY-BASED INFORMATION TECHNOLOGY SYSTEMS AND FINANCIAL PLANNING: BUSINESS COACHING IN ONE OF SMES LOCATED IN DKI JAKARTA
Faiz Amer Abdat, Sisdjiatmo K. Widhaningrat

Faculty of Economics and Business, Universitas Indonesia
Jl. Salemba Raya No.4, RW.5, Kenari, Kec. Senen, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10430


Abstract

One of the problems that underlines the instability and low performance of SMEs is the lack of financial literacy which leads to wrong decision making. Financial information is required to better understanding when calculating operating profits, cost control, and cash flow management. Good financial management and records can minimize losses, assist in formulating a good pricing strategy, encourage more measurable cost efficiency, and maintain long-term business continuity. One SMEs in the laundry services industry has come to a term where the lack of financial information has resulted in the improper calculation of pricing and labour cost. The Business Coaching is conduct using a descriptive qualitative approach. Data were collected through in-depth interviews and surveys to the owners, employees, and customers of the SMEs. The Financial system and budgeting tools were created which allow the owner to better calculating the financial plan as well as to line up the strategy of its short-term and long-term operational decision.

Keywords: Budgeting, Business Coaching, Financial Report, Financial Strategy, Management, Operational Strategy, Workforce.

Share Link | Plain Format | Corresponding Author (Faiz Amer Abdat)


23 Financial Management and Accounting ABS-160

DISCRIMINANT ANALYSIS OF INSURANCE COMPANIES IN INDONESIA 2017-2021
Bagoes Harsono (a*), Imo Gandakusuma (b)

a) Universitas Indonesia
*bagoes.harsono[at]gmail.com
b) Universitas Indonesia


Abstract

Determining and forecasting the financial situation of insurance companies of Indonesia has become an important issue of financial supervision to ensure the sustainability of the financial sector and reduce the negative impact of the insurance companies insolvency. The purpose of this research is to identify a financial distress condition for insurance companies using existing method such as Altman Z-score and Ohlson O-score, and also approach new discriminant model using the data from 2017 to 2021. In order to improve the quality of estimation and forecasting of the financial state of insurance companies in Indonesia, a discriminant model should take account into the local characteristic of the insurance business. The discriminant model using existing variable from the Altman model with additional three variable used by the Indonesian regulatory in order to identify the financial state. The research included 124 Indonesian insurance companies. The research finds that a discriminant model of insurance companies in Indonesia with three dominant variable of net working capital, return on total assets, and current ratio. The application of the model allows you to determine whether the insurance company in Indonesia has a satisfactory or unsatisfactory financial condition. To the authors best knowledge, previous research using sharia insurance companies data find the alternative dicriminant model with the same variable as Altman model.

Keywords: Financial distress, Insurance companies, Dicriminant Analysis

Share Link | Plain Format | Corresponding Author (Bagoes Harsono)


24 Financial Management and Accounting ABS-166

COMPARISON ANALYSIS OF THE FORMATION OF OPTIMAL STOCK PORTFOLIO ON LQ45 INDEX AND DEVELOPMENT BOARD INDEX USING SINGLE INDEX MODEL AND RANDOM MODEL
Arief Rachmansyah, Maya Sari, Ikaputera Waspada, Lena Lestary

UNIVERSITAS PENDIDIKAN INDONESIA

Jl. Dr. Setiabudi No.229, Isola, Kec. Sukasari, Kota Bandung, Jawa Barat 40154


Abstract

The purpose of this study is to provide empirical evidence that determining a stock portfolio using a single index model can provide optimal returns compared to determining a stock portfolio using a random model. The sample in this study were 374 stocks that are included in the Development Board Index and 45 stocks that are part of the LQ45 index which were selected by purposive sampling. The results showed that the determination of a stock portfolio using a single index model taken from the Development Board Index provides the most optimal return compared to the determination of other stock portfolios.

Keywords: Portfolio, Single Index Model, LQ45 Index & Development Board Index

Share Link | Plain Format | Corresponding Author (ARIEF RACHMANSYAH)


25 Financial Management and Accounting ABS-167

PENGARUH PEMBELIAN DAN PENJUALAN SAHAM OLEH INVESTOR ASING TERHADAP HARGA SAHAM (STUDI KASUS PADA SAHAM-SAHAM INDEKS LQ-45)
Arief Rachmansyah, S.E., MM. Prof. Dr. H. Nugraha, S.E., M.Si., Akt. CA. Dr. Imas Purnamasari, S.Pd, MM. Lena Lestary, S.E., MM

UNIVERSITAS PENDIDIKAN INDONESIA

Jl. Dr. Setiabudi No.229, Isola, Kec. Sukasari, Kota Bandung, Jawa Barat 40154


Abstract

This study aims to determine whether the buying and selling of shares made by foreign investors affect the stock price of the LQ-45 index in the current and subsequent periods, so that it can be used as a basis for investors to determine which shares to buy? In contrast to the results of previous studies, the results of this study state that purchases and sales made by foreign investors do not have a significant effect both in the current period and the following period. So it cannot be used as a basis for determining which shares to buy for investment.

Keywords: Pembelian saham, penjualan saham, investor asing, harga saham

Share Link | Plain Format | Corresponding Author (ARIEF RACHMANSYAH)


26 Financial Management and Accounting ABS-177

Analysis of the Effect of the COVID-19 Pandemic on Infrastructure Sector^s Stock
Shabrina Adzhani Dewi S.I.A, Imo Gandakusuma, S.E., Ak., MBA

Universitas Indonesia


Abstract

The study aimed to analyze the effect of COVID - 19 Pandemic on stock price performance based on the daily amount of cases, the daily amount of deaths, and the vaccination rate. Moreover, this research was performed on Indonesia Stock Exchange (IDX), especially in the Infrastructure sector.

In this studies, there are three independent variables used such as amount of cases, the daily amount of deaths, and the vaccination rate. Moreover, the studies finds that among the variables, there are two variables that affecting the stock performance such as daily cases and deaths per day. The decreasing of stock performance happened because of the social activities restriction during the COVID - 19 pandemics. Once the amount of deaths per day is increasing, Government tend to tightened the social activities restriction regulation.

Meanwhile, if the amount of cases is increasing, Government would limited the citizen activity only and not as tight as when the death amount is increasing.

This study is that the relationship between stock price returns and the daily amount of cases, the daily amount of deaths, and the vaccination rate are reciprocal. Hence it also means that the relationship among variables that affect each other- moreover, the previous study analyzed to find out the influence of COVID - 19 Pandemic on the Stock Market based on the data of IDX^s mainboard. The variable used to see the effect was the daily case of COVID, the daily amount of death, and also lockdown.

Keywords: Stock Price, COVID - 19, Indonesian Stock Exchange, Vaccination

Share Link | Plain Format | Corresponding Author (Shabrina Adzhani Dewi)


27 Financial Management and Accounting ABS-181

The Influence of Fintech on Indonesia Economic Growth
Yasir Maulana (a*), Nugraha (b), Ika Putera Waspada (c), Maya Sari (d), Imas Purnamasari (e)

a) Universitas Pendidikan Indonesia
*yasir[at]upi.edu
b) Universitas Pendidikan Indonesia
c) Universitas Pendidikan Indonesia
d) Universitas Pendidikan Indonesia
e) Universitas Pendidikan Indonesia


Abstract

Fintech has an effect on GDP which is known by several previous studies. This study examines the influence of Fintech Peer to Peer Lending and Fintech Digital Payment on Indonesia^s economic growth, using secondary P2P lending fintech data from the Financial Services Authority (OJK), data on digital payments through fintech and data on Indonesia economic growth from Bank Indonesia. Through the multiple regression method, it is found that the research results show that peer to peer (P2P) lending and digital payment have a positive and significant effect on Indonesia economic growth, both partially and simultaneously. The determination test results indicates that the P2P lending and digital payment variables explain the economic growth variable. These results indicate that the growth of P2P lending is driving Indonesia economic growth. These results indicate that the growth of Fintech P2P lending and Fintech Payments is driving Indonesia economic growth.

Keywords: Fintech, P2P Lending, Digital Payment, GDP

Share Link | Plain Format | Corresponding Author (Yasir Maulana)


28 Financial Management and Accounting ABS-182

The Effect Of Fear Sentiment On Covid-19 On IPO Underpricing Moderated by Government Intervention
Rahadian Abby Putra (a*), Arief Wibisono Lubis (b)

(a) Faculty of Economics and business, Universitas Indonesia, Gedung Dekanat FEB UI Kampus Widjojo Nitisastro, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424

(a) Faculty of Economics and business, Universitas Indonesia, Gedung Dekanat FEB UI Kampus Widjojo Nitisastro, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424


Abstract

The purpose of this article is to find out the effect of the sentiment of fear over Covid-19 on IPO Underpricing shares moderated by government intervention. Covid-19 shapes a negative sentiment on investor, and it is accosiated with a decline in stock prices. Descriptive statistics and Multiple Linear Regression are used to describe the data in this study and the effect of the independent variable and moderating variable on the dependent variable. Our findings in this paper imply that the fear sentiment on Covid-19 has a positive effect on underpricing, whereas the effect of government intervention as measured by the stringency index increased the effect of fear sentiment on Covid-19 on underpricing. This paper can be a reference for investors in making investment decisions during times of high uncertainty, such as during a pandemic. While this study is a preliminary analysis of the impact of pandemic fear on short-term IPO performance, the industry effects is not yet considered and could be a subject for future research.

Keywords: Underpricing, Capital Market, Government Intervention, Stringency Index, Covid-19

Share Link | Plain Format | Corresponding Author (Rahadian Abby Putra)


29 Financial Management and Accounting ABS-183

The Effect of Subscription Discounted Price Moderated by CSR Investment on the Right Issue Performance: Evidence from Banking Companies in Indonesia
Alya Ridha Aisy

School of Business and Management, Bandung Institute of Technology, Jalan Ganesha 10, Bandung 40132, Indonesia.
alya_ridha[at]sbm-itb.ac.id


Abstract

Many banking firms executed right issues in order to expand their business or meet the minimum core capital requirements. Among those, Bank Rakyat Indonesia (BRI) achieved a record as the largest rights issue in the Southeast Asia region. With a discount of 2.5% from their average market price, this right issue saw an oversubscription of 1.35%. According to prior research, financial managers have long recognized that subscription discount prices (DISC) positively affect the success of the right issue. If the subscription price is set above the stocks price, rational stockholders will not subscribe because they would rather buy shares in the market at a lower price. However, in BRI case, their involvement and concern for the community development and sustainability may be another factor affecting the success of a rights issue. This argument may be true since previous research has shown that investors are increasingly considering non-financial information, of which corporate social responsibility (CSR) is a key component. Reflecting on this, the author was intrigued in testing out the moderating effect of a company engagement in CSR on the relationship between DISC and the performance of a right issue, to know whether increased CSR investment increases the likelihood of a successful right issue or if it only happens in the BRI case. This study takes a quantitative approach, collecting secondary data with a purposive sampling. The total sample of 53 bank rights issues in Indonesia was analyzed on SPSS using a moderating binary logistic regression model. The findings suggest that DISC and firms age significantly positively affect the success of right offerings. Also, DISC and ROA significantly positively affect the abnormal returns while the firms size affects negatively. However, CSR Investment as the moderator did not have any significant effect on the right issue performance.

Keywords: Right issue performance- Subscription price- CSR investment- Banks

Share Link | Plain Format | Corresponding Author (Alya Ridha Aisy)


30 Financial Management and Accounting ABS-205

Business feasibility analysis Plan for the Acquisition of Oil and Gas Block C in Country Senegal
Kevin Octareza

University Of Indonesia
Jl. Salemba Raya No.4, RW.5, Kenari, Kec. Senen, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10430


Abstract

The purpose of this thesis is to analyze the business of Company X^s acquisition of Oil and Gas Block C in country Y. Company X received an invitation to participate in an open tender to acquire the ownership portion of the Oil and Gas Block by Company Z. Company Z is an international oil and gas company operating the Oil and Gas Block C, offering a 40% share of the Block ownership of the total 82% owned with the condition that the Company remains as the operator of the Block. the oil and gas. Oil and Gas Block C is located in the sea area, 90 Km from the coast and in the deep sea, has oil reserves in the reservoir / underground equivalent to 430 million barrels. This Block C oil exploitation project will be the first crude oil production in country Y.

The business feasibility method used is the capital budgeting method which calculates the variables Net Present Value (NPV), Internal rate of return (IRR), Profitability Index (PI), Payback Period, Discounted Payback Period. Calculation of Capital Budgeting by sensitive to crude oil price parameters and Weighted Average Cost of Capital (WACC).

The results obtained from the Capital Budgeting Analysis based on the sensitivity of these 2 parameters, show the value of a positive NPV, IRR is greater than WACC and PI >1. So it can be said that the Oil and Gas Block C investment plan is feasible.

Keywords: Acquistition, Participating Interest, Discounted Cash Flow, Oil & Gas Upstream

Share Link | Plain Format | Corresponding Author (Kevin Octareza)


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