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Kointegrasi dan kausalitas pasar saham Big 5 ASEAN: Tax Amnesty gelombang I 大东盟股市的联合和因果关系:Tax大赦
Pub Date : 2019-02-01 DOI: 10.14414/JBB.V6I2.1300
Loe Irene Kusuma, N. Anggun, G. Memarista
The first batch of Tax Amnesty policy in Indonesia can affect the economy in other countries because of international cooperation, especially in ASEAN. This study tried to see the cointegration and the causality between stock market indices in the Big 5 ASEAN countries before the policy (October 5th 2015-July 01st 2016), during the policy (July 03rd 2016 - September 30th 2016), and after the policy (October 03rd 2016 - November 04th 2016). The data used is the closing value of daily stock market indices of the Big 5 countries in the ASEAN during those periods. The results showed that there is no cointegration relationship before and during the implementation of the first batch of Tax Amnesty policy. Otherwise, there is a cointegration relationship after the policy implemented. In addition, there is a causality relationship for the stock market index before the policy, such as Indonesia (JKSE) affects Singapore (STI) and Thailand (SET), while the Philippines (PSEi) affects Thailand (SET). During the policy, Thailand (SET) affects Indonesia (JKSE) and the Philippines (PSEi), while the Philippines (PSEi) affects Thailand (SET). After the policy, Thailand (SET) and Singapore (STI) affect each other, while Thailand (SET) affects Malaysia (KLCI).
印尼的第一批税收特赦政策可以影响到其他国家的经济,因为国际合作,特别是在东盟。本研究试图了解东盟五大国家在政策实施前(2015年10月5日- 2016年7月1日)、政策实施期间(2016年7月3日- 2016年9月30日)和政策实施后(2016年10月3日- 2016年11月4日)股市指数之间的协整和因果关系。所使用的数据是东盟五大国家在这些时期的每日股票市场指数的收盘价。结果表明,第一批税收特赦政策实施前和实施过程中不存在协整关系。否则,政策实施后存在协整关系。此外,政策出台前的股市指数存在因果关系,如印度尼西亚(JKSE)影响新加坡(STI)和泰国(SET),而菲律宾(PSEi)影响泰国(SET)。在政策期间,泰国(SET)影响印度尼西亚(JKSE)和菲律宾(PSEi),而菲律宾(PSEi)影响泰国(SET)。政策出台后,泰国(SET)和新加坡(STI)相互影响,而泰国(SET)影响马来西亚(KLCI)。
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引用次数: 0
Pemeringkatan obligasi industri perbankan di Bursa Efek Indonesia berdasarkan kinerja keuangan bank 根据银行的财务表现,印尼证券交易所的银行业债券的评级
Pub Date : 2019-02-01 DOI: 10.14414/jbb.v6i2.995
Rohyawati Sholihin Arpadika
The purpose of this study is to analyse the influence of financial performance toward bond rating of banking industry in the Indonesia Stock Exchange. The financial performance variables examined in this study include liquidity, profitability, capitalization, and asset quality. The Sample was selected using purposive sampling method. Populations of this research were taken from the banks, listed in Indonesia Stock Exchange in 2011-2015. The total population was 42 banks and only 10 of them meet the criteria. The data were analyzed using multiple regression analysis to test the hypothesis. The results of the research show that profitability has a positive influence to the bond rating, while liquidity, capitalization, and asset quality has a negative influence to the bond rating. This study imply that banks need to improve their profitabilities while maintaining their liquity risk, capital level and asset quality in order to enhance their bond ratings.
本研究的目的是分析财务绩效对印尼证券交易所银行业债券评级的影响。本研究考察的财务绩效变量包括流动性、盈利能力、资本化和资产质量。样本采用目的抽样法选取。本研究的人群取自2011-2015年在印尼证券交易所上市的银行。全国共有42家银行,其中只有10家符合标准。采用多元回归分析对数据进行分析,检验假设。研究结果表明,盈利能力对债券评级有正向影响,而流动性、资本化和资产质量对债券评级有负向影响。本研究表明,为了提高银行的债券评级,银行需要在保持流动性风险、资本水平和资产质量的同时提高盈利能力。
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引用次数: 2
Peran etika bisnis Islam terhadap kinerja usaha mikro, kecil, dan menengah (UMKM) pangan di Kota Bogor 伊斯兰商业道德对茂物市小规模、小规模和中型食品绩效的作用
Pub Date : 2019-02-01 DOI: 10.14414/JBB.V6I2.1299
Salahuddin El Ayyubi, Sausan Anggi Anggraini
Micro, Small, and Medium Entreprises (MSMEs) have a very important role for developing and increasing Indonesia economy. MSMEs contribution on the Gross Domestic Product (GDP) up to 60.64% and supply manpower up to 97%. However, this potency still accompanied by violations that occurred mainly in the food sector. One of the reason is there are a lot of bussiness activity is not in accordance with proper business ethics. This study analyzes the role of Islamic business ethics on the MSMEs performance. Descriptive analysis method is used to analyze the entrepreneur perception on Islamic Bussiness Ethics, while role of Islamic business ethics on the performance of MSMEs is analyzed with Partial Least Square-Structural Equation Modelling (PLS-SEM). Primary data were collected through online questionnaires and deep interviews to food SMEs muslim businessmen in Bogor City. Results show that the Islamic bussiness ethics has a positive effect on the MSMEs performance.
中小微企业(MSMEs)对印尼经济的发展和增长起着非常重要的作用。中小微企业对本地生产总值的贡献高达60.64%,提供的人力资源高达97%。然而,这种效力仍然伴随着主要发生在食品部门的违法行为。其中一个原因是有很多商业活动没有按照适当的商业道德进行。本研究分析伊斯兰商业伦理对中小微企业绩效的影响。本文采用描述性分析方法分析了企业家对伊斯兰商业道德的认知,并采用偏最小二乘结构方程模型(PLS-SEM)分析了伊斯兰商业道德对中小微企业绩效的影响。通过在线问卷调查和对茂物市穆斯林食品中小企业的深度访谈,收集了初步数据。结果表明,伊斯兰商业伦理对中小微企业绩效有正向影响。
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引用次数: 10
Pengambilan keputusan investasi Investor di pasar modal indonesia ditinjau dari Teori reasoned action 印度尼西亚资本市场投资者投资决策是基于理性行动理论的
Pub Date : 2019-01-29 DOI: 10.14414/JBB.V7I2.1461
Indra Listyarti
Penelitian ini bertujuan untuk mengkaji factor-faktor yang mempengaruhi perilaku investor ketika melakukan keputusan investasi ditinjau dari Teori Reasoned Action. Penelitian melibatkan 190 investor di pasar modal Indonesia  dan analisis  dilakukan dengan regresi linier berganda. Uji hipotesis dengan t-test untuk menguji pengaruh variabel independen secara parsial terhadap variabel dependen.  Hasilnya menunjukkan bahwa Faktor  Makro berpengaruh positif  signifikan terhadap informasi teknikal.  Informasi  keuangan, faktor makro dan norma subyektif  berpengaruh positif dan signifikan terhadap niat investor. Niat investor dan informasi keuangan berpengaruh positif signifikan terhadap keputusan investasi. Lebih jauh hasil penelitian ini menjelaskan bahwa informasi keuangan memegang kontribusi besar dalam membentuk niat investor dan keputusan investasi.
本研究旨在审查基于理性行动理论的投资决策影响投资者行为的因素。该研究涉及印尼资本市场的190名投资者,并通过线性回归进行分析。用t测试的假设测试部分独立变量对dependen变量的影响。结果表明,宏观因素对技术信息产生了积极的影响。金融信息、宏观因素和主观价值对投资者意图产生积极而重要的影响。投资者的意愿和财务信息对投资决策产生了积极的影响。这项研究的进一步结果表明,金融信息在塑造投资者意图和投资决策方面发挥了巨大作用。
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引用次数: 6
Analisis kinerja keuangan menggunakan metode economic value added (eva) dan market value added (mva) pada pt. Telekomunikasi indonesia (persero) tbk dan pt. Indosat tbk periode 2013-2017 财务表现分析使用印度尼西亚电信(persero)和pt. Indosat tbk和pt. Indosat tbk时间段的经济价值added (eva)和市场价值added (mva)的方法进行分析,时间为2013-2017年
Pub Date : 2019-01-29 DOI: 10.14414/jbb.v7i2.1272
Mella Eka Crysdayanti
Penelitian ini menganalisis kinerja keuangan dengan menggunakan metode Economic Value Added (EVA) dan Market Value Added (MVA), dan juga merupakan studi kasus yang menggunakan laporan keuangan perusahaan dalam perhitungannya. Penelitian ini bertujuan untuk mengukur dan membandingkan kinerja keuangan  PT. Telekomunikasi Indonesia, Tbk, dan  PT. Indosat, Tbk  pada periode tahun 2013-2017 dengan menggunakan metode EVA dan MVA. Dari hasil penelitian menggunakan metode EVA dan MVA, hasil yang didapat bahwa PT. Telekomunikasi Indonesia, Tbk merupakan perusahaan yang mampu memberikan nilai EVA yang positif (EVA>0) selama lima tahun berturut-turut dan memberikan nilai pasar saham yang positif ditunjukkan dengan nilai MVA yang positif (MVA>0) pada 2013-2017. Diikuti dengan PT. Indosat, Tbk yang hanya mampu memberikan nilai EVA positif (EVA>0) pada tahun 2016-2017 saja dan memberikan nilai tambah pasar positif (MVA>0) pertahunnya dari periode tahun 2013-2017.
这项研究使用经济价值增值(EVA)和市场价值增值(MVA)的方法来分析财务表现,也是计算公司财务报表的案例研究。本研究旨在用EVA和MVA的方法来衡量和比较2013-2017年PT. telecommunications、Tbk和PT. Indosat、Tbk等方法。使用EVA和MVA方法进行的研究发现,Tbk是一家连续5年提供正值EVA (EVA>0)的公司,并在2013-2017年以积极的MVA (MVA>0)显示出积极的股票市场价值的公司。紧接着是PT. Indosat, Tbk,仅在2017年到2017年就能给出正值EVA (EVA>0)的EVA (EVA>0),并在2013-2017年期间每年增加正值(MVA>0)。
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引用次数: 3
Peran kepercayaan merek, citra merek, dan celebrity endorsement terhadap loyalitas merek bedak tabur wardah 品牌信任、品牌形象和名人对瓦达品牌忠诚度的作用
Pub Date : 2019-01-29 DOI: 10.14414/JBB.V7I2.999
Anggi Novitasari, Tatik Suryani
The competition in Indonesia cosmetics industry is growing rapidly. Many brands of face powder available in the market have been popular and got a good qualityr. Wardah is one of halal cosmetics manufactured in Indonesia. This study aims to analyze the effect of brand trust, brand image, and celebrity endorsement on brand loyalty of Wardah face powder in Surabaya. Data collected with questionnaire which given to 97 respondents from community of Surabaya. The sample was selected by judgement sampling. The data were alanized by using MRA (Multiple Regression Analysis). The results found that brand trust has significant effect on brand loyalty. Brand image has no significant effect on brand loyalty and celebrity endorsement has no significant effect on brand loyalty. The results show that brand trust, brand image and celebrity endorsement effect significantly on brand loyalty. The implication is to improve the brand trust by holding event beauty class for consumert to get more trust  in the facial powderof  Wardah, and to increase the service for  the  consumers and adjust the price for them.  
印尼化妆品行业的竞争日益激烈。市面上有很多牌子的爽身粉都很受欢迎,质量也很好。Wardah是印尼生产的清真化妆品之一。本研究旨在分析品牌信任、品牌形象、名人代言对泗水市Wardah face powder品牌忠诚度的影响。数据是通过问卷收集的,该问卷向泗水社区的97名受访者提供。采用判断抽样法选取样本。采用多元回归分析(MRA)对数据进行分析。结果发现,品牌信任对品牌忠诚有显著影响。品牌形象对品牌忠诚无显著影响,名人代言对品牌忠诚无显著影响。结果表明,品牌信任、品牌形象和名人代言对品牌忠诚有显著影响。其含义是通过举办活动美容课提高消费者对Wardah面粉的品牌信任度,增加对消费者的服务,为消费者调整价格。
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引用次数: 0
Apakah profitabiltas, risiko keuangan dan ukuran perusahaan meningkatkan praktik perataan laba perusahaan? 公司的盈利能力、财务风险和规模是否改善了企业利润平衡的做法?
Pub Date : 2019-01-29 DOI: 10.14414/jbb.v7i2.1235
Erliana Banjarnahor, Khirstina Curry
Earnings Management is the selection accounting policies by management to achieve certain goals. The usual way of management to influence the numbers on the financial statements is to make earnings management one of them with income smoothing. The purpose of this research is to test empirically the influence of profitability, financial risk, and company size to the practice of income smoothing. Population in this research is all public company year 2012-2016, while for sample of research use purposive sampling method, with secondary data. Methods of data analysis using binary logistic regression. The result obtained is profitability does not affect the income smoothing action. Financial risk does not affect earnings smoothing. Firm size affects earnings smoothing action. Positive influence means that if the size of the company the higher the company doing income smoothing.
盈余管理是管理层为达到一定目标而选择的会计政策。管理层影响财务报表数字的常用方法是将盈余管理与收益平滑结合起来。本研究的目的是实证检验盈利能力、财务风险和公司规模对收益平滑实践的影响。本研究的人口为2012-2016年度的所有上市公司,而研究样本采用有目的抽样方法,具有二手数据。数据分析方法采用二元逻辑回归。结果表明,盈利能力不影响收益平滑作用。财务风险不影响盈余平滑。企业规模影响收益平滑作用。正向影响意味着如果公司规模越高,公司做收益平滑。
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引用次数: 0
Studi good corporate governance dan kinerja saham perusahaan publik pada sektor manufaktur di Indonesia 研究良好的公司治理和公共公司在印尼制造业的股票表现
Pub Date : 2019-01-29 DOI: 10.14414/JBB.V7I2.990
Indhira Putri, Iramani Iramani
This study aimed to examine the effect of Good Corporate Governance on manufacturing companies. The researchers used the boards of the commissioner, managerial ownership, independent commissioner, and foreign ownership as Good Corporate Governance’s proxy on the performance of the stock. The independent variables consist of the boards of the commissioner, managerial ownership, independent commissioner, and foreign ownership. The performance of stock is used by using stock return as measurement and dependent variable. The sample consists of manufacturing companies of the period of 2010-201. The hypothesis was tested by using multiple regression linear. Simultaneously, the boards of commissioners, managerial ownership, independent commissioner, and foreign ownership significantly affect the performance of the stock. Partially, the boards of commissioner negative significantly affect the performance of the stock. In addition, the managerial ownership and independent commissioner do not significantly affect the performance of the stock. Yet, the foreign ownership positively and significantly affects the performance of the stock.
本研究旨在探讨良好的公司治理对制造业公司的影响。研究人员使用董事会、管理层持股、独立董事和外资持股作为良好公司治理对股票表现的代理。自变量包括董事会、管理层持股、独立董事和外资持股。利用股票收益作为衡量指标和因变量来衡量股票绩效。样本为2010-201年期间的制造业公司。采用多元线性回归对假设进行检验。同时,监事会、管理层持股、独立董事和外资持股对股票表现有显著影响。部分地,董事会负向显著影响股票的表现。此外,管理层持股和独立董事对股票表现没有显著影响。然而,外资持股对股票表现有显著的正向影响。
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引用次数: 2
Analisis Pengaruh Pengungkapan Sustainability Report, Kinerja Keuangan, Kinerja Lingkungan Terhadap Nilai Perusahaan 分析资产报告披露、财务表现和环境绩效对公司价值的影响
Pub Date : 2019-01-29 DOI: 10.14414/JBB.V7I2.1397
Aristha Purwanthari Sawitri, N. Setiawan
Tujuan peneliitian ini yaitu untuk melihat pengaruh dari pengungkapan sustainability report, kinerja keuangan dan kinerja lingkungan terhadap nilai perusahaan. Sampel penelitian ini adalah perusahaan yang masuk dalam index 30 pada tahun 2012 sampai dengan tahun 2016 dan metode pengambilan sampel menggunakan purposive sampling. Hasil penelitian ini ditemukan bahwa sustainability report tidak berpengaruh terhadap nilai perusahaan, hasil yang sama ditunjukkan pula oleh variabel kinerja lingkungan dimana kinerja lingkungan tidak berpengaruh terhadap nilai perusahaan sedangkan untuk variabel kinerja keuangan memiliki pengaruh signifikan terhadap nilai perusahaan
这种探索的目的是看看披露可持续发展报告、财务和环境表现对企业价值的影响。该研究样本是在2012年至2016年之前进行第30次索引的公司,采用采样方法进行抽样采样。该研究发现,可持续发展报告对企业价值没有影响,环境表现对企业价值没有影响的环境表现变量也表明了类似的结果,而对金融表现表现的变量对企业价值有重大影响
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引用次数: 6
Pengaruh motivasi konsumen, sikap konsumen, dan persepsi terhadap pemilihan lembaga Arva School of Fashion Surabaya 消费者动机、消费者态度和对泗水Arva学院选举的看法的影响
Pub Date : 2019-01-29 DOI: 10.14414/JBB.V7I2.1112
Ajeng Lailil Ismiar Rosida
Salah satu persaingan usaha yang semakin ketat dan saling bersaing, dapat menimbulkan perilaku konsumen dalam mengambil keputusan untuk membeli suatu produk. Selain itu, dengan perkembangan jaman yang membuat teknologi semakin canggih dan dinamis, konsumen atau dituntut dengan cepat dan tidak salah untuk bertindak agar tidak kalah bersaing dengan konsumen yang lain. Begitu pula pada sektor garment atau konveksi, dimana setiap pengelola garment atau konveksi akan selalu berpikir dan melakukan inovasi untuk bersaing dan lebih baik.Para pelaku bisnis garment juga memilih tempat belajar untuk mendalami teknik dan teori tentang perkembangan dunia fashion. Hal itulah yang membuat para pelaku di bidang fashion untuk terus belajar dan menggali potensinya lebih banyak lagi mengembangkan  bisnisnya. Salah satu cara mereka adalah dengan mengikuti kursus atau belajar di lembaga Arva School of Fashion Surabaya. Penelitian ini bertujuan untuk mengkaji pengaruh perilaku konsumen yang meliputi motivasi konsumen, sikap konsumen, dan persepsi terhadap keputusan pemilihan Arva School of Fashion Surabaya. Populasi dalam penelitian ini adalah siswa dan alumni Arva School of Fashion Surabaya dengan sampel sebanyak 130 orang responden yang rata-rata mereka berdomisili sekitar Surabaya. Teknik analisis yang digunakan adalah analisis deskriptif dan analisis regresi linier berganda untuk menguji motivasi konsumen, sikap konsumen, dan persepsi  yang signifikan baik secara simultan maupun parsial terhadap keputusan siswa dan alumni memilih Arva School of Fashion Surabaya. Berdasarkan hasil pengujian statistik, menunjukkan bahwa variabel motivasi konsumen, sikap konsumen, dan persepsi secara bersama-sama mempengaruhi keputusan pemilihan Arva. Selain itu, motivasi konsumen, sikap konsumen, dan persepsi secara parsial berpengaruh signifikan terhadap keputuan pemilihan Arva.
一场日益激烈、相互竞争的商业竞争可能会导致消费者在决定购买产品时的行为。此外,随着时代的发展,随着技术变得越来越复杂和动态,消费者或消费者被要求迅速采取行动,以避免与其他消费者竞争。因此,在服装或糖果区,任何管理服装或糖果的人总是在思考和执行创新来竞争和更好。服装行业的实业家还选择了一个学习场所,学习技术和关于时尚发展的理论。这使得时尚人士能够继续学习和挖掘更多的潜力,扩大他们的业务。他们的方法之一是在泗水Arva学院上一门课或学习。本研究旨在探讨消费者行为的影响,包括消费者动机、消费者态度和对泗水Arva时尚学院选举决定的看法。这项研究的人口是Arva时装学院的学生和校友,他们的平均反应人数为130人,他们住在泗水附近。所使用的分析技术包括描述性分析和多重线性回归分析,以测试学生和校友同时或部分对选择泗水Arva学派的决定的消费者动机、消费者态度和重大看法。根据统计测试结果,消费者动机变量、消费者态度和感知共同影响了Arva的选择决定。此外,消费者的动机、消费者的态度和感知部分对Arva的选择产生了重大影响。
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引用次数: 0
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Journal of Business & Banking
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