Proceedings of the 15th International Symposium on Management (INSYMA 2018)

Session: Finance

21 articles
Proceedings Article

Analysis of optimal hedge ratio and hedging effectiveness in Taiwan stock exchange capitalization weighted stock index (TAIEX) futures

Jason Aditya Jahja, Ika Yanuarti Loebiantoro
Theoretically, hedging is effective if there is a balance between the price of asset and price of hedging. The objective of this research was to determine the optimal hedge ratio and hedging effectiveness using Vector Autoregression (VAR) and Vector Error Correction Model (VECM) on TAIEX (Taiwan Stock...
Proceedings Article

"Still me": human involvement in management accounting

Riesanti Edie Wijaya
Accounting is often regarded as a frozen figure. While, most of the accounting steps involve human element, but often being overlooked. In contrast with neoclassical economics assumptions, human behavior is not able to be predicted by a simple mathematical formula. The feeling and emotion often take...
Proceedings Article

Financial performance, corporate governance, and financial distress

Endang Ernawati, Samantha Elysia Handojo, Werner R. Murhadi
This study aims to analyze the effect of financial ratios and corporate governance on financial distress by making a prediction model of bankruptcy using data from non-financial sector companies listed on the Indonesia Stock Exchange (IDX). This research used the quantitative approach with a logistic...
Proceedings Article

The effect of corporate governance on the capital structure of non-financial companies in the period of 2011-2015

Arif Herlambang, Werner R. Murhadi, Giovani Anggasta Susanto
The purpose of the research was to analyze the effect of Corporate Governance on the Company's Capital Structure. The variable used in this study were director size, outside commissioner, director ownership, institutional investor, audit quality, CEO tenure, size, growth, profitability, and intangible...
Proceedings Article

Javanese lunar calendar effect (Primbon) on abnormal return

Sidarta Hermin, Putu Anom Mahadwartha
The purpose of this study is to examine Javanese lunar calendar (Primbon) effect to abnormal return on Indonesian Stock Market. Type of this study is conclusive descriptive using intraday trading data. The research observed and tested cultural phenomena called Primbon as a calendar effect on abnormal...
Proceedings Article

Test of Fama & French five factor-model on Indonesian stock market

Liliana Inggrit Wijaya, Randy Kennardi Irawan, Putu Anom Mahadwartha
This study aims to test the Fama & French Five-Factor Model (5FF) and the Three-Factor Model (3FF) on stocks listed in the LQ-45 Index over the 2013-2015 periods. The 5FF model includes factors of market risk premium, size, book-to-market equity, profitability, and investment. This study used a multiple...
Proceedings Article

Does female CEO and female directors affect dividend policy?

Fitri Ismiyanti, Ari Prasetyo, Indri Agestya Cania
This study aims to determine the influence of female CEO and female directors on the dividend policy of nonfinancial companies listed on Indonesia Stock Exchange. This study used purposive sampling method with 372 samples. Dividend policy was measured by dividend payout ratio defined as dividend over...
Proceedings Article

Interdependency between internationalization, firm performance, and corporate governance

Allan Muliyanto, Deddy Marciano
The purpose of this research was to identify the interdependency between internationalization, performance and corporate governance. Data used by this paper were from financial statement information of manufacturing companies listed on Indonesian Stock Exchange over period 2011-2015. Pooling data were...
Proceedings Article

The influence of intellectual capital on financial performance in sharia banking companies

Eka Nuraini Rachmawati, Restu Hayati, Fitra Yulandi
This study aims to examine the effect of Intellectual Capital (VAIC) with Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), Structural Capital Employed (STVA), and Rate of Growth of Intellectual Capital (ROGIC) on the variable of Company's financial performance with the indicator...
Proceedings Article

Factors in taxation policies issuances

Norbertus Purnomolastu, Werner R. Murhadi
Republic of Indonesia has conducted tax reforms repeatedly through government policies issuance, either by law or government regulations. This research aims to identify factors affecting the government to issue the policies in taxation fields. The factors observed and tested include Government Spending,...
Proceedings Article

Analysis of working capital management of industry practices in Indonesia

Lukas Purwoto, Caecilia Wahyu Estining Rahayu
Managers need to pay more attention to the efficiency in working capital management in order to maintain the long term viability of the growth. This research focuses on the working capital management practices in Indonesia companies. This study aims to reveal the in-depth description of working capital...
Proceedings Article

Managerial overconfident and firm financing decision: an Indonesian case

Werner Ria Murhadi
This research aims to determine the effect of managerial overconfidence and firm characteristics on financing decision of a firm. This research uses panel data from the entire companies listed on Indonesia Stock Exchange (BEI), except financial industry within 2006 - 2015. The result showed the higher...
Proceedings Article

The Influence of Good Corporate Governance (GCG) on Financial Distress

Werner Ria Murhadi, Felicia Tanugara, Bertha Silvia Sutejo
This study aims to analyze the influence of good corporate governance (GCG) on financial distress. This study also aims to create a bankruptcy prediction model by using historical data from non-financial sector companies listed on Indonesia Stock Exchange (IDX) over the period of 2011 - 2015. This study...
Proceedings Article

Demography factors, financial risk tolerance, and retail investors

Bertha Silvia Sutejo, Yohanes Kokoh Natan Pranata, Putu Anom Mahadwartha
This study aims to understand the influence of demography factors, as an independent variable to the financial risk tolerance of retail investors who conduct stock investment transactions on the Indonesia Stock Exchange, as a dependent variable. The research used a quantitative approach to binary logistic...
Proceedings Article

Factors determinant of bank capital buffer: empirical study on islamic rural banking in Indonesia

Mr. Sutrisno
Capital is a very important aspect of the banking industry as it will be used to cover the losses suffered by the bank. Financial Services Authority set a minimum limit of the bank's capital adequacy ratio of 8%. This study aims to determine the size of capital buffer. There are several factors believed...
Proceedings Article

Stock investment analysis, idiosyncratic risk and abnormal return

Mr. Suyanto, Florens Natalia Handayani Sibarani
The purpose of this research is to examine the effect of value of earning per price and book to market ratio, firm size shown by market capitalization, stock liquidity by using turnover rate and Idiosyncratic Risk depicted by Idiosyncratic Risk Volatility (IVol) on Abnormal Return of stocks owned by...
Proceedings Article

Management's Chinese Zodiac and ownership to firm performance

Rico Tedyono, Putu Anom Mahadwartha
The research examines the effect of Chinese Astrology (shio) and managerial ownership on firm's performance. The research also examines other issue of agency problem which is called managerial ownership. The separation between the principal with ownership function and agent with control function leads...
Proceedings Article

The importance of corporate governance

Mudji Utami, Bertha Silvia Sutejo
This research examines the impact of corporate governance (CG) towards financial distress and financial performance. This paper used historical data from non-financial sector companies listed on Indonesia Stock Exchange (IDX) on the period 2011-2016. Corporate governance variables used in this research...
Proceedings Article

Influence of financial attitude, financial behavior, financial capability on financial satisfaction

Agus Zainul Arifin
This research aims to examine the influence of Financial Attitude, Financial Behavior, and Financial Capability on Financial Satisfaction. This research was conducted on workers in Jakarta, Indonesia. The Sampling method used a non-probability sampling of purposive sampling. Data were obtained by spreading...
Proceedings Article

Soft loan program for credit union: a fruitful or a useless program?

Ria Sandra Alimbudiono
This study aims to give an insight about the performance evaluation on the government soft loan program in empowering credit union. This is a strategic program to improve the regional economy. Nevertheless, there is a contradictive view whether it is a fruitful or merely a useless program. Thus, a performance...
Proceedings Article

The impact of heuristics and biases in the application of professional judgement by internal auditors in the stage of fieldwork

Jonathan Tanone, Senny Harindahyani
This study aims to find the impact of heuristics and bias in the application of professional judgment by internal auditors in the stage of fieldwork in "Company X", a company engaged in the distribution of fuel oil in West Nusa Tenggara. "Company X" has conducted internal audit activities although the...