Indonesian Exchange Research Articles

Analisis Laporan Keuangan Bank terhadap Return Saham pada Bank Umum Swasta Nasional Devisa Periode 2011—2015

The purpose of this study was to determine and analyze the effect of bank financial report using variable Loan to Deposit Ratio (LDR), Capital Adequacy Ratio (CAR), Return On Asset (ROA), and Operating Income Operating Expenses (OIOE/BOPO) toward a stock return in a conventional bank. The sample selection using purposive sampling method and a sample of this research are as many as 18 national private commercial bank foreign exchange in Indonesia. Data obtained from secondary data in annual reports of a bank in Indonesia Stock Exchange sites. The analysis technique used in this research is multiple regression analysis. The hypothesis in this study was based on previous studies and various other supporting theories. The results of this study indicate that the loan to deposit ratio (LDR) positively effect on stock return, capital adequacy ratio (CAR) no significant effect on stock return, return on asset (ROA) positively effect on stock return. While Operating Income Operating Expenses variable removed for affected Multikolinierity.

ANOMALI EFEK KALENDER PADA RETURN SAHAM LQ-45 DI BURSA EFEK INDONESIA

Calendar effect anomalies indicate a return deviation in a capital market that allows investors to take advantage of a time and obtain abnormal returns. This study aims to determine the difference in the average abnormal return on the day (the day of the week effect), Monday the fourth week (week-four effect), and January with other months (January effect). The study was conducted on companies included in the LQ-45 stock group and obtained a sample of35 companies using the saturated sample method. The data source comes from secondary data, through the yahoo finance website and the method of data collection is done by non-participant observation including data collection on the development of stock prices included in the LQ-45 group during the period February 2015 to January 2018. Test results with the SPSS program through Kruskal-Wallis test and Mann Whitney Test, show that the stock’s average abnormal return at any time is not different, so the conclusion that there is no day of the week effect, week-four effect, and January effect on the LQ-45 stock index on the Stock Exchange Indonesia.
 Keywords: calendar effect anomaly, abnormal return

Gorontalo Province Tourism: Leading Sector In The Middle Of Weakness And Challenge

Tourism shows a significant contribution to foreign exchange and regional income in Indonesia. Defined as a priority and leading sector in the RPJMD, tourism development in the Regencies and the Province of Gorontalo must measure the results, benefits and impacts for all stakeholders. Contribution to regional income (PAD) and the composition of internal and external factors in each of the leading destinations is needed for the purpose of determining the strategy and policy of sustainable tourism development. The study concluded that tourism sector was relatively small in its contribution to each PAD total by Regencies in Gorontalo Province. The low of PADsp is relevant to the low occupancy rate (TPK) of the hotel and the length of stay (LoS). The lack of retribution income from recreation and sports spot is relevant to the lack of activities to support the attractiveness such as art and cultural attractions and local products that can be souvenirs for tourists. Infrastructure facilities at leading tourism objects are relatively incomplete or do not meet tourism standards. The low of PAD, TPK LoS can also explain that the increase in tourists to Gorontalo is only a transit to the other tourist objects outside of Gorontalo Province.Keywords: Tourism, Leading Sector, Gorontalo, Income, Swot Analysis

Climate Comfort Analysis for Tourism in Samosir District

Tourism has become one of the sectors which are the mainstay source of foreign exchange in Indonesia. One of the region which has tourism potential is Samosir District at North Sumatra Province. Climatic conditions affect the tourist comfortability while doing the tourism activity. Studies on climate comfort in Toba Lake Region, especially in Samosir District have not been done. Way to determine the level of comfort associated with tourism activities are known to the Tourism Climate Index (TCI). This research aims to determine the level of climate comfort tourist destinations in Samosir District based on the value of TCI and knowing the relation between TCI value with the number of visits a tourist destination.

Mapping the potential for tourism strategic areas to improve the equality of development in Bali

Government Regulation of the Republic of Indonesia (PPRI number 50/2011) indicates the declaration of the National Tourism Development Master Plan (RIPParNas) from 2010 to 2025. Eighty-eight (88) of the National Tourism Strategic Areas (KSPN)is spread on thirty four (34) provinces throughout the territory of the Republic of Indonesia. The province of Bali contributes greatest foreign exchange for Indonesia through the tourism sector. Eleventh (11th) of KSPN-Bali are reflecting a priority-program of Indonesian Government through equal development of Tourism Strategic Areas. Development for Bali still indicates gap between a remote regency and central city. The moratorium on rapid development of tourism facility in South Bali indicates quite difference with slower development of East and North Bali. Thus, efforts to increase the distribution of development require investigation and identification through mapping the potential of Natural Resources and Cultivation, especially, the area of tourism in South Bali (Denpasar/Badung) compared to East (Karangasem) and North (Buleleng). Literature review, field observation, and semi-structured interview data were analysed by combination of qualitative-verification methods and cognitive-mapping solutions. The result of case study was representing mapping the potentials for natural resources and cultivation that was identified in Sanur (Denpasar), Tulamben-Amed (Karangasem), and Bali-Utara (Buleleng). Therefore, unequal development between each tourism strategic areas would reduce, and in turn, prosperity of social communities would be improving for Bali.

PENGARUH LIKUIDITAS, PRICΕ ΕARNING RATΙO (PΕR) DAN DΙVΙDΕND PΕR SHARΕ (DPS) PADA HΑRGΑ SΑHΑM

The research had purpose to analyzed the effect of liquidity, PΕR and DPS on stock price. Independent variables that used in this study were liquidity, price earning ratio and dividend per share. Dependent variable that used was stock price. The population are all the property and real estate companies listed on the Indonesia Stock Exchange in Indonesia 2012-2017. Methods of analysis used was multiple linear regression. The research used purposive random sampling method, that is the samples of 14 companies. The results of partial test shows that liquidity does not affect the stock price,then the effect of PΕR and DPS on the stock price were significant. Simultaneously the effect of liquidity, PΕR and DPS were significant to the company's stock price in the property and real estate companies listed in Indonesia Stock Exchange in 2012-2017 periods.Keywords: Liquidity, Price Earning Ratio, Dividend Per Share, Stock Prices

Dividend Policy and Economic Variable to Stock Price Volatility: Comparison of Indonesia and Malaysia

This research aims to examine the effect of dividend policy, micro variables, and macroeconomic on stock price volatility. The population in this research are companies in the financial sector listed at Indonesia Stock Exchange and Malaysia Stock Exchange in 2016-2017. A number of samples that used is 58 companies for Indonesia and 28 companies for Malaysia with purposive sampling method. Dividend policy is proxied by EPS, the micro variable is proxied by GA and EV, and the macro variable is proxied by exchange rates and interest rates. The analytical method used is CEM and REM with programs Eviews 9. This research concludes that in Indonesia EPS, exchange rates and interest rates have an effect on SPV. While in Malaysia, only EPS and exchange rates have an effect on SPV.

EFFECT OF GOOD CORPORATE GOVERNANCE AND SUSTAINABILITY REPORT DISCLOSURE STRUCTURE ON COMPANY VALUE AND ECONOMIC ADDED VALUE AS INTERVENING VARIABLE

The purpose of this study to test the effect of Good Corporate Governance Structure, Sustainability Reporting Disclosure, and Firm Value on the Economic Value Added as an intervening variable. This study uses secondary data from the period 2010-2015 to firms listed at Indonesia Exchange. The sampling technique used purposive sampling. Tools to process the data using SPSS 23.The results showed Board of Commissioners Size, Independent Commissioner, Institutional Ownership have a significant impact on Firm Value while Board of Directors Size, Audit Committee, Managerial Ownership does not have effect on Firm Value. Board of Directors Size and Board of Commissioners Size have an effect on Economic Value Added and Firm Value, but Economic Value Added not an intervening variable between Board of Directors Size and Board of Commissioners Size. , Independent Commissioner has not effect on Economic Value Added, but Economic value added is an intervening variable between Independent Commissioner and Firm Value. Audit Committee does not effect on Economic Value Added and Firm Value, but Economic value added is an intervening variable between Audit Committee and Firm Value. Managerial ownership does not have effect on Economic Value Added and Firm Value, but Economic value added is an intervening variable between Managerial ownership and Firm Value. Institusional Ownership does not have effect on Economic Value Added and Economic Value Added is not intervening variable between Institusional Ownership and Firm Value. Sustainability Report Disclosure has an effect on Economic Value Added and Firm Value.

The Effect of Company Characteristics of Stock Return In Industrial Sector Manufacturing Company Basic and Chemicals Listed In The Stock Exchange Indonesia Period 2013-2017

Abstract—This study aims to determine the effect of characteristics companies against stock returns in industrial sector manufacturing companies and chemicals listed on the Indonesia Stock Exchange in the period 2013-2017. This study uses a sample of manufacturing sector companies Basic and hemical industries as many as 22 companies listed on the Stock Exchange Indonesia with a period of five years, namely 2013-2017 and the number 110 observation. This study uses secondary data with techniques data collection using the documentation method from the official website of the Exchange Indonesian and stock effects and analyzed using Eviews Software version 10. Based on the results of research that has been done to analyze Leverage has a negative but significant effect on Stock Return this indicates a negative DER impact on increasing interest costs tax saving with companies utilizing interest costs arising from its debt to minimize the tax burden which increases financial distress caused by one of them is the increasing interest on loans high so that it will hurt the economy and increase the value of inflation. Profitability has a significant positive effect on Stock Return . Profitability goes up, so dividend expection rises resulting in stock prices going up anyway. This will encourage an increase in share prices ultimately will increase the Return stocks. Total Assets Turn Over has negative but insignificant effect on Stock Return means an increase in sales is not followed by an adequate profitability so found a negative relationship but not significant

ANALISIS INTEGRASI PEMBIAYAAN SEKTOR PERTANIAN DAN NILAI TUKAR PETANI DI INDONESIA

Islamic banking in the context of the agricultural sector has decreased performance in the proportion of financing. The existence of this alleged decline occurred because it was influenced by Farmer Exchange Rate. This study aims to identify the relationship between the financing performance of the Islamic banking sector and the Farmer Exchange Rate in Indonesia. The analysis used the Vector Error Correction (VECM) Model from January 2009 until December 2017. The results of the tests carried out consider the determinants of other variables in the form of non-performing financing and the based credit interest rate. Agricultural sector financing, in the long run, has a significant effect on increasing Farmer Exchange Rate, but this influence is not responsive in the short term. The findings predict that Non-performing financing will reduce the proportion of financing in the agricultural sector to Islamic banks. Determination of Basic Interest Rates Credit is the most responsive variable to changes in the financing of Islamic banking and Farmer Exchange Rates in Indonesia.

PENGARUH DEBT TO EQUITY RATIO (DER), CAPITAL ADEQUACY RATIO (CAR), NON PERFORMING LOAN (NPL) DAN LOAN TO DEPOSIT RATIO (LDR) TERHADAP RETURN ON ASSETS (ROA) PADA BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to provide information about Debt to Equity Ratio (Der), Capital Adequacy Ratio (Car), Non Performing Loans (Npl), Loan to Deposit Ratio (Ldr). Against Return on Assets (ROA) in Banks Registered on the Stock Exchange Indonesia. This study uses financial statement data of companies listed on the Indonesia Stock Exchange (IDX) in years 2011-2014.
 Data collecting method which used in this research is method purposive sampling, that based on criterion which has been determined before. Based on method purposive sampling, research sample total is 24 companies. Hypothesis in this research are tested by with the regresi linier berganda classical asumtion.
 The results show that the variables that influence (ROA) Return On Assets Banks Registered on the Indonesia Stock Exchange are NPL, while other variables examined in this study such as DER, CAR and LDR are not proven against ROA (Return On Assets).

HAS FINTECH INFLUENCED INDONESIA’S EXCHANGE RATE AND INFLATION?

The digital financial services industry or financial technology (FinTech) has emerged in Indonesia in recent years. The FinTech industry, although disruptive, promises among other things to reduce costs of, and improve access to, financial services. This paper investigates the macroeconomic implications of FinTech companies in Indonesia over the period 1998-2017. In particular, we investigate the impact of FinTech on the Indonesian exchange rate (Rupiah vis-a-vis the US dollar) and the inflation rate. Our results suggest that FinTech is able to reduce inflation and lead to a real appreciation of the Rupiah against the US dollar, although its effect on the exchange rate is delayed. We explain our results and discuss future research directions in the paper.

PENGARUH EARNING PER SHARE (EPS) DAN PRICE BOOK VALUE (PBV) TERHADAP HARGA SAHAM PADA INDUSTRI RETAIL YANG TERDAFTAR DI BEI PERIODE 2013-2016

The purpose of this studyis to find out how the influence of earnings per share (EPS) and price book value (PBV) simultaneously and parcial to stock prices in retail industry listed on the Stock Exchange Indonesia period 2013-2016. The ojek this analysis is the retail industry listed on the stock exchange indonesia period 2013-2016. Sampel used in this research is as many as 8 retail industry listed on the Stock Exchange Indonesia period 2013-2016. The method used is qualitative and quantitative method. . The analytical tool used in this research is multiple linear regression analysis, the classical assumption test (normality, multicolinearity, hetoroscedasicity, and autocorrelation) and coefficient of determination. Based on the results of multiple linear regression analysis showed the equation Log Y= 2.244 + Log 0,528EPS Log 0,018PBV + e , with F test value of 5,153. Value t test for earning per share (EPS) of 3,159 and the value of T test for price book value (PBV) of 0,113. Rated R Square 26,2%, while the remaining 73,8% explained other factors beyond the study models. And the R value of 0,512. The conclusion of this research indicates that simultaneously independent variable earnings per share (EPS) and price book value (PBV) have an effect on stock price variable. The parcial price (PBV) has no significant effect on stock price dependent and earnings per share (EPS) have a significant effect on stock price variables.

FAKTOR-FAKTOR FUNDAMENTAL MIKRO: PERTUMBUHAN AKTIVA, PERTUMBUHAN TINGKAT PENGEMBALIAN AKTIVA, RASIO UTANG, RASIO LANCAR, LABA BERSIH PER SAHAM, RASIO HARGA-LABA BERSIH PER SAHAM & HASIL (PENDAPATAN) SAHAM YANG BERPENGARUH TERHADAP HARGA SAHAM INDUSTRI MAKANAN & MINUMAN PADA BURSA EFEK DI INDONESIA

The population of this research is shares of the issuers (go public companies) in the food and beverage industry listed on the stock exchange in Indonesia. The research period is 4 years (from year 1998 to2001), and its sample consists of 10 shares of issuers in the industry of food and beverage. The sample was taken from 18 shares of issuers, with the implementation of purposive or non-random sampling technique. The capital market roles are so important, and therefore, ideally, the analysis with the focus on factors and on dominant factors influenced price of shares is really needed to be carried out through a detail research. Focus of this research is on the impact of micro fundamental factors towards price of shares of the food and beverage industry listed on the stock exchange in Indonesia, especially after economy and monetary crisis happened in 1997 in Indonesia. Variables studied in the research are price of shares, and asset growth, return on asset growth, debt ratio, current ratio, earning per share, price earning ratio, and also dividend yield. The source of data is secondary data obtained from the Surabaya and Jakarta Stock Exchanges, as well as Capital Market Reference Center. The model used for this research is multiple linier regressionanalysis model. Result of research concluded that the changes on price of shares of the food and beverage industry listed on the stock exchange in Indonesia were influenced simultaneously by asset growth, return on asset growth, debt ratio, current ratio, earning per share, price earning ratio, and dividend yield. Meanwhile, the changes on price of shares of the food and beverage industry listed on the stock exchange in Indonesia was influenced partially by only earning per share.

Pengaruh Struktur Aset, Profitabilitas, Operating Leverage Dan Likuiditas Terhadap Struktur Modal Perusahaan Consumer Goods di BEI

Capital structure is counter balance between capital eksternal (long-range) with the self capital. The purpose of this study to determine the effect of asset structure, profitability, operating leverage and likuiditas to capital structure. The measurement this study of capital structure use the long term debt to equity ratio (LTDER). Excelsior mount the presentase LTDER indication that excelsior of debt composition compared to a equity of a company. The study focussed at consumer goods company enlisted in Effect Exchange Indonesia (BEI) Period 2010-2014. Perception amount as much 100 sampel research obtained with the method of nonprobability sampling with the technique of purposive sampling. Analysis technique used in this study is multiple linear regression analysis. The result showed that asset structure and liquidty have a positive effect to capital structure, profitability and operating leverage have a negativity effect to capital structure. 
 Keyword: Capital structure, asset structure, profitability, operating leverage, and liquidity

Pengaruh Corporate Governance dan Pengungkapan Corporate Social Responsibility Terhadap Agresivitas Pajak

The tax aggressiveness is step of company as strategy minimize the tax that must paid. This research uses ETR as proxy of the tax aggressiveness. The lower value of ETR of company depicts the high aggressiveness tax those companies. This research has a purpose to giving information about the impact of Corporate Governance and Disclosure of Corporate Social Responsibility On the Aggressiveness Tax representative with ETR. All of manufacturing companies listed on Indonesian stocks Exchanges on 2013-2015 is the population of this research. Companies selected into the sample after deducting some of the criteria is as much 99 of the company observations. This study has results that prove the disclosure of CSR affect the ETR as proxy of tax aggressiveness. Value of CSR disclosure company high, so value of ETR is higher which describe the lower aggressiveness tax of the companies.

Dampak Pengembangan Hidden Canyon Beji Guwang Sebagai Destinasi Wisata Terhadap Perekonomian Masyarakat Lokal Di Desa Guwang Kecamatan Sukawati Gianyar

Tourism is designed to be a number one source of foreign exchange in Indonesia. But the development of toursm and tourist destination will definitely have an economic impact whether it’s positive impact or negative impact. As well as development in tourist destinationHidden Canyon Beji Guwang. This research aims to find out what is the participation of local community in the development of Hidden Canyon Beji Guwangand to find out what is the economic impactof it.
 The data used in this research is qualitative and quantitative data. Primary data source data and secondary data source. This research used descriptive qualitative method. Which is obtained through observation, in-depth interviews and documentation. Informant determination is done bypurposive sampling technique.
 The results of this research is tourist destinationHidden Canyon Beji Guwangmanagement derived entirely from the participation of local communities in Desa Guwang. Economic impact which is more dominantly felt by the local communities because the management system is only employs local people from Guwang Village whosemost of them are dropped out of school.
 Keywords: Economic Impact, Participation of Local Communities, Tourism Destination, Hidden Canyon Beji Guwang

The Influence of Corporate Governance and Corporate Funding Decisions Againts Performance and Profitability Implications for Return on Stock

This research was to determine and analyze the effect of profitability performance to audit committee on Stated-owned enterprises (BUMN) listed on the stock exchange Indonesia. To determine and analyze the effect of audit committee, public owner, number of commissioner, independence commissioner, debt equity ratio, dividend payout ratio and return on equity simultaneously to stock return on Stated-owned enterprises (BUMN) listed on the stock exchange Indonesia. Population in this research is 13 (thirteen) State-owned enterprises (BUMN) listed on the stock exchange Indonesia. The method used in this research is a descriptive survey method and explanatory with regression data panel to determine and analyze hypothesis the influence the independent variable to dependent variable. Based on the research results, these following research findings, are treired Audit Committee have a significant positive effect on profitability performance, The public owner influence significant negative on profitability performance. The number of board of commissioner influence the profitability performance as a positive effect but not significant. Independence commissioner influence negative profitability performance and significant. Debt to equity ratio (DER) influence performance as a negative but not significant. Dividend payout ratio (DPR) influence profitability performance as a negative but not significant. Variable corporate governance consist of audit committee, public owner, the number of commissioner, and independence commissioner, variable od Fund Company’s decision proximate with debt to equity ratio (DER), and dividend policy proximate with dividend payout ratio (DPR) simultaneously profitability performance positively and significant. The GCG implementation through independence commissioner, audit committee, fund policy and profitability performance significantly influence the stock return.

The Impact of Divisia Money on Monetary Model of Exchange Rate in Indonesia

The Impact of Divisia Money on Monetary Model of Exchange Rate in Indonesia

Media Promosi Bisnis Potensi Wisata Daerah Bandung Dengan Aplikasi Virtual Reality

One of the industrial sectors that can increase foreign exchange in Indonesia is the tourism industry. In 2019, the tourism industry in Indonesia is projected to be the largest foreign exchange earner through oil and gas, coal and palm oil. One aspect that supports the development of industry is the readiness of ICT. Bandung is one of the cities in West Java, which has sought to develop ICT, but needs to be improved further from the central / regional government, to the executant of the tourism industry. Bandung has a tourism potential that consists of natural attractions, culture, shopping, and culinary interesting to explore both by domestic tourists and foreign tourists. Thus, information technology that contains relevant and interesting information by using the right business model. Research methodology in data list technique which is measurement, interview, and literature study. Mobile apps are one of the information technology tools used by today's society, therefore interactive and can be used via mobile devices. Creative concepts applied to the 360​​° Virtual reality Panorama app. Through Virtual reality Panorama will create a different visual location, which can attract potential tourists to visit Bandung city destinations directly. In addition, the appropriate business model will be used on the system as part of the activity. It is expected that this research can support previous research in the field of visual communication design, ICT, and management.