Indonesia Conference Directory

Corresponding Author
Ardhivipala Gunawijaya

Institutions
Fakultas Ekonomi dan Bisnis
Universitas Indonesia
*ardhivipala.gunawijaya[at]ui.ac.id

Abstract
The mandatory social security program in Indonesia, known as Sistem Jaminan Sosial Nasional (SJSN) for the retirement age: Old Age Security, known as Jaminan Hari Tua (JHT) and Pension Plan, known as Jaminan Pensiun (JP), gives around 35% to 40% income replacement ratio (IRR) based on recent published news. Meanwhile, the 2013 HSBC Global Report says that the desired household income level that people need to feel comfortable in retirement is 78%. Therefore, in Indonesia, the employee is expected to fill in the big gap of IRR to the desired level by participating in the voluntary pension program. The law (Undang-Undang) no. 11/92 regulates the voluntary pension program managed by Financial Institution Pension Fund, known as Dana Pensiun Lembaga Keuangan (DPLK). Data from OJK reports between 2015 to 2017 shows that participants of the voluntary program (DPLK) are risk-averse by putting their pension fund allocation into fixed income such as time deposit or government bonds. The return from those instruments based on the reports is around 5.8% to 6.3% per annum. This figure may seem unsatisfactory as an investment alternative to filling the gap of IRR. However, alternatives instrument for the voluntary pension fund in Indonesia are not so many as well as research that focuses on it. In the countries where their pension industry is more advanced like in the U.S., Canada, and the U.K, there is a favorite instrument for the pension funds, that is Target Date Fund (TDF). TDF means the pension fund provider (DPLK) professionally manages the pension fund by following an investment allocation path to meet the needs of pension fund participant planning to retire. The objectives of this study are to see whether TDF gives a better investment return to the voluntary pension fund participant in the case of Indonesian capital market historical situation, how is its agility in term of capital market volatility, and whether TDF is efficient. In order to answer those questions, this study used multiple hypothetical scenarios covering the accumulation period and the decumulation period; increment and fixed contribution; and hypothetical glide path of the TDF. The underlying instruments for the simulation consist of 2 investment allocation: 24-month time deposit and stock. Bank Indonesia and Jakarta Stock Exchange Index are the source of the historical data. The study uses four glide paths: the maximum stock path, the minimum stock path, the fixed allocation, and the inverse of the minimum stock path. The first two are taken from the U.S. glide paths universe. This study also used scenarios where simple volatility management and cost of funds are applied. With the result of this study, there is an expectation that the voluntary pension fund provider (DPLK) to start exploring the product development of TDF and feel confident to launch it in the Indonesian pension market.

Keywords
Pension Fund; Target Date Fund; DPLK

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/faWrM9jbGxuF

Corresponding Author
Yance Alexander Pangkerego

Institutions
Universitas Indonesia

Abstract
This research was conducted to evaluate public accountability in financial reporting at the Pancaran Kasih Church, Depok. The problem in financial reporting in the Pancaran Kasih Church was examined by the Bovens Accountability Theory. Which is the theory explains the stages of testing the accountability of a financial report from an actor to the forum. And the results of the research at the Pancaran Kasih Church show that the church has not optimally carried out the existing stages, especially when the forum assesses the reports that have been prepared and published. At the time of sanctioning, the church underlies the judgment without being able to escape from its nature as an institution that puts love forward to humans. The implication is that in some cases there are sometimes no sanctions given only counseling for the offending actor to be aware of his actions and repent.

Keywords
non profit organization, church financial reporting, public accountability

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/KPuhk2r6RjLN

Corresponding Author
RENA MAYA CAHYANTI

Institutions
University of Indonesia

Abstract
This research will discuss the recognition of asset abandonment and site restoration or commonly known as ARO (Asset Retirement Obligation) in the upstream oil and gas company. The purpose of this research is to be able to provide an overview of the methods that can be used by companies in calculating ARO that must be paid by the company at the end of the contract period. The formulation of the problem in this research is which method is used by the company in determining the amount of asset abandonment and site restoration or ARO that is appropriate to overcome the potential problems that arise at the end of the contract period. This research is carried out by using a mixed method in analyzing the findings, so it will find the in-depth findings which will be useful to assist the companys management in making decisions. Signal theory is a theory that will be chosen in this research. Where this research-s purpose is indeed chosen to be able to provide reliable information for decision making. This research will use three stages of analysis, such as descriptive analysis, content analysis, and constant comparative analysis in linking findings to asset abandonment and site restoration as stipulated in Indonesian GAAP 57. Based on the results of this research it found that the recognition of asset abandonment and site restoration carried out according to regulations apply. While company uses the method of calculating liabilities based on future values that is continually calculate in present value.

Keywords
Contingent liabilities, provisions, liability for asset abandonment and site restoration, Indonesian GAAP 57

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/UhPtpxnVZr2E

Corresponding Author
Ujang Suherman

Institutions
Universitas Pendidikan Indonesia
Sekolah Pascasarjana
Jalan Dr. Setiabudhi Nomor 229 Bandung 40154
http://sps.upi.edu - e-mail:pascasarjana[at]upi.edu

Abstract
Indikator keberhasilan kinerja perusahaan dapat di lihat dari laporan keuangan perusahaan dengan memperhatikan rasio keuangan. Oleh karena itu sangat penting untuk melakukan peneliti kondisi perusahaan melalui laporan keuangan dengan menganalisis rasio keuangan. Objek dalam penelitian ini adalah perusahaan yang sudah go public di bursa efek Indonesia. Data penelitian yang digunakan adalah laporan keuangan tahun 2017 dan tahun 2018. berdasarkan jenis data, penelitian ini menggunakan pendekatan analisis kualitatif deskriptif dengan Metode analisis yang digunakan adalah time series. Time series adalah analisis yang membandingkan kinerja perusahaan dari waktu ke waktu, sedangkan alat ukur yang digunakan dalam penelitian ini adalah rasio keuangan yang fokus kepada rasio liquiditas, rasio solvabilitas, rasio profitabilitas dan rasio activitas. Berdasarkan hasil penelitian, dan disimpulkan bahwa rasio-rasio keuangan tadi mengalami perubahan. Dari perubahan yang terjadi dapat dilihat kondisi keuangan perusahaan dalam keadaan baik atau kurang baik sehingga dapat diberikan saran yang bermanfaat untuk peningkatan usaha pada masa yang akan datang.

Keywords
analisi laporan keuangan, rasio likuiditas, rasio solvabilitas, rasio profitabilitas, rasio activitas.

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/ZKgMAujXR6zf

Corresponding Author
Ayu Yowana Agustin

Institutions
Magister Manajemen Sekolah Pascasarjana Universitas Pendidikan Indonesia, Bandung, Indonesia

Abstract
Tujuan dari penelitian ini adalah untuk menganalisis penerapan Good Corporate Governance dan Pengungkapan Corporate Social Responsibility (CSR) Terhadap Kinerja Perusahaan untuk meningkatkan Nilai Perusahaan. Metode penelitian yang digunakan adalah metode regresi linier berganda. Hasil penelitian ini menunjukkan bahwa penerapan Good Corporate Governance yang baik telah memadai, karena telah didukung oleh unsur-unsur Tata Kelola Perusahaan yang Baik yang terdiri dari transparansi, akuntabilitas, tanggung jawab, kemandirian, kesetaraan dan keadilan, dan didukung oleh tahapan penuh dan dengan adanya pengungkapan Corporate Social Responsibility (CSR) dapat meningkatkan kinerja perusahaan dan membuat nilai perusahaan menjadi baik.

Keywords
Good Corporate Governance , Corporate Social Responsibility , Kinerja Perusahaan, dan Nilai Perusahaan

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/9j7YAXeVN4aQ

Corresponding Author
Baini Sulhi

Institutions
Univeristy of Indonesia

Abstract
The growth of the insurance industry in Indonesia has growing. Reserves of claims in the insurance business are mandatory and the requirements of an insurance company to be sustainable, but in Indonesia they still apply independent assumptions. Copula is a tool that is able to describe these dependencies so that claims reserves can be calculated correctly. To achieve this goal, a simulation study is given to describe dependencies that have an impact on reserves and Solvabilities Capital Needs. In this thesis, we will discuss the application of copula-based methods to analyze the structure of claim dependencies in a vehicle insurance business line. From the results of the analysis it was found that the Partial Loss TPL and Total Loss Variables had abnormal distribution. To explain the variables or variables Partial Loss, TPl and Total Loss, the type of copula vine chosen was C-vine copula with the smallest AIC and BIC values, namely AIC of 3.169612 and BIC 11.40441 for MLE and AIC of 3.427467 and BIC of 11.66226 for Tau Kendall . Copula from the Archimedean family can be used to explain the structure of the dependencies of the three variables. Copula Archimedean from the Frank family is the best model to explain the dependency structure of Partial Loss variables with TPL and TPL with Total Loss with parameter estimates of -0.1431583 and 0.5113428. Copula Archimedean from the Gumbel family is the best model to explain the dependency structure of Partial Loss variables with Total Loss with parameter estimators of 1.0921127. The best parameter estimation is obtained by using the MLE method with an AIC value of 3.169612 and BIC 11.40441.

Keywords
Copula, Copula archimedean, Partial Loss, Total Loss, TPL, Vine Copula, dependensi

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/FwjTmk9xDMEB

Corresponding Author
Ayla Danuwidjaja

Institutions
Universitas Pendidikan Indonesia

Abstract
The bond rating is one that investors should consider before investing in bonds. This is because the bond ratings provide a statement that provides the companys information so that investors avoid the risks of bonds. Therefore, it is necessary to re-examine the factors affecting the rating of bonds. The population of this study is a banking company listed on the Indonesia Stock Exchange (BEI) and listed in the rating of bonds issued by PT Pefindo from 2016-2018. The study population numbered 72 companies, then selected by purposive sampling method, to obtain the sample amounted to 9 companies. The data used is secondary data obtained from the Indonesian Stock Exchange (BEI) and PT PEFINDO, while data analysis using multiple regression analysis.

Keywords
Investments, Bonds, Bond Rating, Leverage, Profitability, Liquidity, Company Size, Age Bonds

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/wkL4UvcD2HGZ

Corresponding Author
Rahmat S.IP,MH

Institutions
Universitas Pendidikan Indonesia

Abstract
ABSTRACT This study aims to measure the efficiency level of the largest banks in Indonesia based on bank categories, the period 2013-2017 using the Data Envelopment Analysis (DEA) method, with Win4DEAP software. The approach used in selecting inputs and outputs is an intermediation approach. Input factors used are assets, funds, and workforce expenses. The output factor used is credit or financing and income. The results of the study found that (1) the use of asset inputs, funds, and average labor costs increased. And the use of credit or financing output and income also increases on average. (2) The use of inputs and outputs of each bank from 2013-2017 using DEA generally achieves optimum efficiency, only one bank has not been fully optimized. The model used is DEA assuming Variable Return To Scale (VRS). (3) The efficiency of the scale of each bank with the DEA method is a bank that is at the stage of the radial movement and slack movment. In such circumstances, it can be interpreted that it is necessary to evaluate inputs and outputs to improve the orginal value according to the project value, so that optimal efficiency is generated. Compared with the results of the BOPO assessment in general, there is no significant difference.

Keywords
Efficiency, DEA, Bank category, VRS, Input, Output.

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/ZqWYckw6gTDh

Corresponding Author
Mohammad Aliman Shahmi

Institutions
a.Master Of Economics, Faculty of Economic, Universitas Negeri Padang, Indonesia
*msyahmi2908[at]gmail.com

Abstract
This study investigates the effect and equilibrium of macroeconomic variables on real effective exchange (REER) rates in short and long terms in Malaysia. This study used time series data from 1986-2017, and Johansen-Juselius and error correction model (ECM). There are two main findings in this study. First, financial development, economic openness, and inflation have a significant effect on real effective exchange rates in Malaysia. Second, in the short term, foreign direct investment (FDI) and inflation disrupt the balance of effective real exchange rates, although in the long terms the inflation will return to its equilibrium. This research is recommended to the government to increase foreign direct investment in Malaysia, because it is a major factor that influences the equilibrium of real effective exchange rates.

Keywords
ECM, Malaysia, REER

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/NzqPdujQLC9A

Corresponding Author
Desnu Anggara Suwardi

Institutions
University of Indonesia

Abstract
in motor vehicle insurance business an insurer often needs to build up a reserve to ensure the company can fulfill its obligation. Chain ladder is one of the most widely used method in claim reserving. However, chain ladder method is very vulnerable to outlier. This study focused on claim reserving that resistant to outlier data by using robust chain ladder. There are two step to robustify chain ladder method. The first step is to detect outlier by using median as development factor to compute the residual, and adjust the outlying values. The second step is apply a classic chain ladder method to the adjusted data. This study show that robust chain ladder has a better result than a standard chain ladder method.

Keywords
Claim Reserving; Chain Ladder; Robust Chain Ladder; Motor Vehicle Insurance; outlier

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/LbMF34jKBzhC

Corresponding Author
Rika Retno Wulandri

Institutions
MAKSI-PPAk. Universitas Indonesia
GEDUNG PROF. DR. MOHAMMAD SADLI, Jl. Salemba Raya no. 4 Salemba, Jakarta 10430 Indonesia.

Abstract
The purpose of this study is to analyze the strategy risk management approach in PT. Y an IT company providing HR and ERP software, the analysis trying to answers several questions among others are how the company implement the companys business strategy and whether its strategy has adopted a strategy-based risk management approach (Strategy risk management) that embedded risk into the strategic planning. Through the analysis process, this study also observe at how the companys business strategy connected and aligned with its vision, mission and the core values have been set and how it implements corporate culture within the company and its relation to the companys business strategy in its efforts to provide added value to customers. In order to obtain comprehensive and complete information and data, the research method used in this study is a case study. Both primary data and secondary data is used in this study, primary data obtained directly from PT. Y included interviews with company management and questionnaires for all department heads that are assigned as risk officers and other primary data such as financial performance, list of AR bad debt, customer satisfaction data, and also observation of ISO 27001: 2013, especially on IT risk management document. This study finds that the companys business strategy is in line with the companys vision, mission and core value, however the application of risk management in the company categorized as traditional risk management that has not been integrated with the companys business strategy, and has not been embedded yet into its strategic planning. Furthermore this study also found that almost all of the department head assigned as risk officer is not aware of their duties and responsibilities as a risk officer and does not understand the work procedures of a risk officer, consequently companys business risk is not managed as it should be.

Keywords
Risk Management, Company Strategy, Strategy Risk Management, Risk Officer

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/a2RmKJW3uNFU

Corresponding Author
RIKA UTAMI RESTIHANI

Institutions
Master of Economics, Faculty of Economic, Universitas Negeri padang
*rikautamirestihani1107762[at]gmail.com

Abstract
This research examines the effect and equilibrium of monetary variables on real exchange rates (RER) in short and long terms in Indonesia. Using time series data from 1986-2017 with the error correction model (ECM) method. There are two findings in this study. First, in the short term, monetary variables, namely inflation, the money supply, and interest rates significantly influence the real exchange rate in Indonesia. Second, in the long terms, the interest rate has a significant effect, which means that an increase in interest rates will contribute to the appreciation of the domestic exchange rate against foreign exchange, in contrast to inflation and the money supply that has no significant effect. This can occur because of an increase in inflation and the domestic money supply not exceeding the inflation rate and the number of foreign exchange offers. Thus, the exchange rate is still in the equilibrium

Keywords
ECM, Monetary Variable, RER

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/GdEq3bNz6pgD

Corresponding Author
RUDY IRAWAN

Institutions
University of Indonesia

Abstract
The mean-variance method introduced by Markowitz is considered as the fundamental basis of portfolio theory but the method introduced by Markowitz is only used for single periods while in reality Pension Fund institutions must carry out multi-period investment activities. Looking at the limitations of the mean-variance method introduced by Markowitz, research on portfolio optimization for multiperiods known as multiperiod mean-variance emerged. Based on these conditions, this study discusses about the application of the mean-variance multiperiod method carried out by Yao, Lai, Ma & Jian (2014) which considered mortality risk and changes in contributions. In this study using 4 scenarios using assets included in the LQ45 index as risk assets and T-Bill 3 months as risk-free assets during the 2014-2018 period. The results of this study indicate that the smallest return is owned by the asset allocation model without contributions (scenario 2) because there is no additional membership fee, so the amount of funds that can be invested is more limited so the expected wealth terminal is smaller than other asset allocation models. Then the asset allocation model without mortality (scenario 3) provides the highest expected terminal wealth compared to other asset allocation models, this is because in the absence of mortality factors the Pension Fund investment will not be forced to stop before the retirement period ends so that the portfolio return is higher than other models. While the asset allocation model using risk free asset references (scenario 4) has a higher risk with the same return when compared to asset allocation using reference to risk assets (scenario 3) this shows that the asset reference used affects the return and risk in allocation of Pension Fund assets at the end of the investment period.

Keywords
pension funds, asset allocation, portfolio, mean variance, multiperiod, mortality

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/r9KgGf2uJpMe

Corresponding Author
Dadang Agus Suryanto

Institutions
Student Of Doctoral Program in Management Sience School Of Postgraduates Of Unversitas Pendidikan Indonesia

Abstract
The experience of the global economic crisis and the era of financial technology in the business of bank financial services has encouraged banks in Indonesia to optimize non-interest income. However, as an intermediary institution, banks in Indonesia still have to run their main business, namely channeling loans to those who need them. The present study seeks to empirically examine the phenomenon of bank income in the period 2013 – 2017 using the structure-conduct-performance theory. The results of the study found that the banks- interest income in Indonesia can be explained by the variable of loan market share, bank efficiency supported by economic growth in a positive direction. Likewise, the banks- non-interest income in Indonesia can be explained by ownership of ATMs, bank efficiency supported by economic growth in a positive direction. The linearity of the influence of the independent variables included in the structural and behavioral aspects of the performance aspects shows that the explanation of changes in interest income and non-interest income can be explained by the structure-conduct-performance theory.

Keywords
Structure of Bank Income, Interest Income, Non-Interest Income, Structure-Conduct-Performance

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/xpfFkdMuXZh6

Corresponding Author
Dadang Agus Suryanto

Institutions
Management Science School of Postgraduates of Universitas Pendidikan Indonesia

Abstract
The aims of this study is to analyze empirically the phenomenon of bank income in the period 2013 – 2017 using the structure-conduct-performance theory. The method used is the panel regression model, The results of the study found that the banks- interest income in Indonesia can be explained by the variable of loan market share, bank efficiency supported by economic growth in a positive direction. Likewise, the banks- non-interest income in Indonesia can be explained by ownership of ATMs, bank efficiency supported by economic growth in a positive direction. The linearity of the influence of the independent variables included in the structural and behavioral aspects of the performance aspects shows that the explanation of changes in interest income and non-interest income can be explained by the structure-conduct-performance theory.

Keywords
Structure of Bank Income, Interest Income, Non-Interest Income, Structure-Conduct-Performance

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/DUWwqGdZaFzY

Corresponding Author
Suryanto Suryanto

Institutions
Department of Business Administration, Universitas Padjadjaran

Abstract
This study aims to analyze the simultaneous and partial influence of Bank Indonesia (BI) 7 Day (Reverse) Repo Rate and inflation rate on the performance of money market mutual funds in Indonesia. The method used in this study is explanatory research with a quantitative approach. This study uses panel data regression analysis to determine the effect of BI 7 Day (Reverse) Repo Rate and inflation rate on the performance of money market mutual funds. Data is sourced from literature studies, observations, and interviews. The results of this study can be concluded that there are significant negative effects both simultaneously and partially from the BI 7 Day (Reverse) Repo Rate and the rate of inflation on the performance of money market mutual funds in Indonesia. This means that whenever there is an increase in the BI 7 Day (Reverse) Repo Rate and the inflation rate will cause a decrease in the performance of money market mutual funds in Indonesia.

Keywords
BI 7 Day (Reverse); Repo Rate; inflation rate; mutual fund; money market

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/K9rLXhc4WknA

Corresponding Author
Aditya Ramadhana Djaja

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

Abstract
Globally oil price condition for these past few years has been fluctuate and has reached the lowest level. This condition will effect to oil and gas companies- financial health. This thesis aims to predict the bankruptcy probability of oil and gas companies in Indonesia during period of 2011 – 2017. The observed companies are oil and gas companies that are listed in IDX. Another aim of this thesis is to observe whether the decline in oil price would effect to company-s Z-Score result or not, and to observe which variable that effect the bankruptcy to oil and gas companies. This research uses financial data that obtained from IDX website and company-s website. The result of the research figures out that Z-Score model could predict at least five company will face bankruptcy since 2014 to 2017. In 2011, only two companies that are predicted will be bankrupt. In 2012, there-s only one company will be bankrupt, and in 2013 three companies are predicted to be bankrupt. This research also figures out that the decrease in oil price effects the result of Z-Score for E&P companies as E&P companies revenue relies on oil price in the market. For service companies, the decrease in oil price doesn-t give direct impact except for APEX and BIPI which their line business is providing services for drilling explorations. Companies that has low Z-Score are likely to have negative EBIT, low current assets, and high company-s debt.

Keywords
Bankruptcy Prediction, Z-Score, Oil Price

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/Bf8AdtNbWzh2

Corresponding Author
Anissa Restuti Amalia

Institutions
a) Master Of Accounting, Faculty of Economic and Business, Universitas Indonesia
Jalan Raya Salemba 4, Jakarta Pusat 10430, Indonesia
*Anissa.restu[at]gamil.com
b) Faculty of Economic and Business, Universitas Indonesia
Jalan Raya Salemba 4, Jakarta Pusat 10430, Indonesia

Abstract
This research was conducted to analyze the transfer prices of arm-s length principle for management services transaction in PT Wijaya. One of the risks faced by PT Wijaya is the tax adjustment on management service transactions paid to related party if they do not fulfill the benefit test according to the arm-s length principle. The method used in this study is mixed method research to find out the related phenomena that occur in PT Wijaya so that it can be done to prove the economic or commercial value of PT Wijaya to enhance or maintain its business position. Data collection is done by interviewing and studying documents to obtain information relating to the provision of management services. The results of the study indicate that the services received by the PT Wijaya cannot be proven because they are not enough supporting documents and transaction is categorized as duplicated services. Duplicate service which means management services performed by PT Wijaya independently

Keywords
Benefit Test, Transfer Pricing, Management Services

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/xbu86VGLyHhf

Corresponding Author
Maya Sari

Institutions
Universitas Pendidikan Indonesia

Abstract
This study aims to analyze Trade-Off Theory and Pecking Order Theory as the basis of the capital structure policy of manufacturing companies in Indonesia as one of the countries with the dominance of banks as a source of corporate sector funding. The research method used is descriptive verification method. Verification testing is done to examine the influence of capital structure determinants which consist of liquidity, profitability, institutional ownership, tangibility, company growth, and efficiency. This study will also examine the moderating effect of firm size on the relationship of capital structure and its determinant factors. The research sample is a company in the manufacturing industry sector which is listed on the Indonesia Stock Exchange, during the period 2005-2017. Sampling uses purposive sampling technique, while the analysis technique uses panel data regression.

Keywords
Banking oriented country, Capital Structure, Manufacturing Firm, Pecking Order Theory, Trade Off Theory

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/ML7VPzkQJHwj

Corresponding Author
Putu Febani Wisanta

Institutions
Universitas of Indonesia

Abstract
Unit-linked endowment insurance with a minimum guarantee not only provides life protection to customers until the end of the insurance contract period but also provides investment protection, especially stock investments that have high returns and high investment risks, so call options are needed to protect investments. This study discusses the calculation of premiums along with the caps and floor limits of premiums on unit-linked endowment insurance products with minimum guarantees using Monte Carlo simulations with stochastic and continuous model and numerical methods. unit linked insurance with stock investment and mortality tables in this study shows that in addition to gender, the initial age of the customer has a policy, insurance contract and amount minimum guarantee, the caps and floor limits of the premium are influenced by the proportion of investment from the premium. The interval between the caps and floor limits of the premium is wider if the investment proportion of the premium is small, so the insurance company can use the caps limits of the premium.

Keywords
unit-linked endowment insurance, minimum guarantee, caps and floor limits on premium

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/dMhkQwnHBDmY

Corresponding Author
R. Aditya Kristamtomo Putra

Institutions
Universitas Pendidikan Indonesia
Universitas Singaperbangsa Karawang

Abstract
This study aims to determine whether there are differences in the termination of IPO Underpricing factors prior to the global financial crisis (2000-2007) and after the global financial crisis (2008-2017) in shares of companies going public on the Indonesia Stock Exchange period 2000-2017. The tests were conducted using comparative test methods (paired sample t test). Then, regression test to understand how differences in the determination of IPO Underpricing factors before and after the global financial crisis by analyzing the factors that influence the occurrence of IPO underpricing before and after the crisis. The results of different tests indicate that there are significant differences in the value of Underpricing IPO in the period before and after the global financial crisis. The average Underpricing of IPOs declined after the crisis. Based on the results of the t test, factors that significantly influence the level of Underpricing IPO before the crisis (2000-2007) are company size, EPS, market capitalization and company age. While the factors that significantly influence the level of Underpricing IPO in the aftermath of the crisis (2008-2017) are company size, ROA, offering size/stock percentage, market capitalization and company age. Based on the results of the F test, the factor of company size, EPS, ROA, DER, underwriter reputation, percentage of supply, market capitalization and age of the company simultaneously affect IPO underpricing on shares of companies going public on the Indonesia Stock Exchange period 2000-2017.

Keywords
Underpricing IPO, Companies go public on the Indonesia Stock Exchange, Global financial crisis

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/WFHXBbTNAU6j

Corresponding Author
Nandan Limakrisna

Institutions
a) Sekolah Tinggi Ilmu Ekonomi Y.A.I Jakarta
b*) Universitas Persada Indonesia Y.A.I Jakarta and Universitas Winaya Mukti Bandung
c) Universitas Teknologi Yogyakarta
d) ABFII Perbanas Jakarta

Abstract
This study aims to obtain empirical evidence about the effect of company risk, firm size and profitability on tax avoidance in property and real estate companies listed on the Indonesia Stock Exchange in 2013-2017. The sample selection method used was purposive sampling. The population in this study was 48 and the sample used was 29 companies. The data processing method used is the panel data regression model using Eviews 9.0. The results of the study show that the companys risk variables, company size and profitability affect tax avoidance.

Keywords
Company Risk, Company Size, Tax Profitability, Tax Avoidation

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/r2c4f8yJhXQw

Corresponding Author
Arya Wedha Rieantiari

Institutions
a) Magister Akuntansi, Faculty of Economic and Business, Universitas Indonesia
raryawedha[at]gmail.com

b) Faculty of Economic and Business, Universitas Indonesia
ancella.anitawati[at]ui.ac.id

Abstract
This study aims to detect indications of bond defaults by conducting a thorough analysis from published financial statement. Published financial statement of the firm have roles to give value added information for investors and creditors in making investment decision. Those roles can be failed when management do creative accounting to mislead users of the financial statement. PT Trikomsel Oke, Tbk (TRIO)s financial statements show that the companys revenue and profits increased during 2009-2014. However, the Indonesia rating agency (PEFINDO) declared default on both bonds issued by TRIO in November 2015, even though the signal TRIO gave to its financial statements was an unqualified opinion from one of the big four Public Accountants (KAP) for six consecutive years, and got PEFINDOs investment grade. The financial statement is analyzed with financial ratio and financial shenanigans indicators. Evidences show that there are some red flags of creative accounting and shenanigans action before the bonds declared a default in 2015. The profitability ratio that is not in line with cash flow from operation is the main concern of shenanigans indicators and also the highlight from all respondents. This result suggests investors and creditors to be more vigilant in analyzing the published annual report

Keywords
shenanigan indicators; financial statement analysis; bond defaults.

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/3CHUKmgeDBM7

Corresponding Author
Suparno Suparno

Institutions
Universitas Singaperbangsa Karawang

Abstract
This study aims to test influence the independent variables Debt Policy proxied by Debt to Equity Ratio (DER) and profitability is proxied Return On Equity (ROE) of the variable value of the company proxy Price to Book Value (PBV) with a dividend policy that proxy Dividend pa y out ratio (DPR) as moderation variable . Technical analysis uses panel data regression with a common effect, fixed effect, and random effect on registered manufacturing companies and publish financial statements on the Indonesia Stock Exchange for the period 2011-2017. The purposive sampling method and data are processed using e-views version 8.0 software. Test results Chow and Hausman test, regression model corresponding to fa c tors know the factors that influence the value of the company PBV dividend policy as moderation proxied by the DPR. The results of data processing show that debt policy (DER) has a negative effect on firm value (PBV), and profitability (ROE) has a positive effect on firm value (PBV). But the company value is simultaneously influenced by all independent variables. Furthermore, dividend policy is able to moderate the capital structure relationship (DER) and profitability (ROE) on company value (PBV).

Keywords
Company Value, dividend policy, capital structure and profitability

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/vCAj2rnXGzdW

Corresponding Author
Anissa Restuti Amalia

Institutions
a) Faculty of Economic and Business, University of Indonesia
Jalan Salemba Raya 4, Jakarta Pusat
*anissa.restu[at]gmail.com
b) Faculty of Economic and Business, University of Indonesia
Jalan Salemba Raya 4, Jakarta Pusat

Abstract
Transfer pricing is the determination of the transfer price of a transaction of goods or services between related parties. Determination of transfer prices from transactions that occur should follow market prices or fair prices. This study was aimed to analyze transfer pricing for the fairness of management services transactions. The method used in this study is a case study research to dig deeper into the phenomena so that can be proved by the economic or commercial benefits. Data collection is done by interviewing and studying documents to obtain information relating to the provision of management services. The results showed that the existence of services and benefits received by PT could not be proven because of the lack of supporting documents. Proof of benefit testing can be done by providing supporting documents from the process of providing services such as offering letter from supplier, the process of implementing services such as, visa and ticket for proof of attendance, and the results of services such as minute of meeting (MoM)

Keywords
transfer pricing, related party, fairness

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/fLvN9uePb2tF

Corresponding Author
S. Sulastri

Institutions
Universitas Pendidikan Indonesia

Abstract
The purpose of this research is to obtain empirical evidence about the effect of capital structure on bond performance which is moderated by institutional ownership. The sample from this research uses purposive sampling which consists of companies in the infrastructure, utilities & transportation sectors that are listed on the Indonesia Stock Exchange (IDX). This study uses MRA (Moderated Regression Analysis). Based on the results of the research concluded that the capital structure using leverage ratio as measured by the debt equity to ratio (DER) affects the performance of bonds. Meanwhile, institutional ownership strengthens the relationship of the effect of capital structure on the performance of bonds

Keywords
Capital Structure, Bond PErformance, Institutional Ownership

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/uZ8fnBQaevWH

Corresponding Author
Petrus Bayu Darmanto

Institutions
MM-MBA Universitas Indonesia
Gedung MMUI, Jl. Salemba Raya 4, Jakarta 10430

Abstract
This study compares the efficiency of different groups of ownership and bank size, and investigates the productivity change during the period, pursuant to fulfilment of regulations issued in 2012 concerning “Business Activities and Office Networks Based on Bank Core Capital” and “Minimum Capital Adequacy Requirement for Commercial Banks” that ignites the change of banks- strategy, capitals and ownership, as well as attracting M&A with more foreign investments. The measurement method of the bank efficiency adopts recently developed two-stage network data envelopment analysis model by Liang et al. (2008) to obtain intermediation and operational efficiencies to establish the overall bank efficiency. The bootstrapped truncated regression algorithm as proposed by Simar and Wilson (2007) employed to examine the exogenous factors to the efficiencies. The study employs 105 conventional banks operating in Indonesia since 2013 that suggests Indonesia banking efficiencies has been improving evidenced with improving overall efficiency scores and the gap efficiencies between intermediary and operating functions narrowed during the observed period (2013-2018).

Keywords
bank efficiency, two-stage network DEA, Data Envelopment Analysis, Indonesia,

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/wG2KZ9JyfDFu

Corresponding Author
Rita Satria

Institutions
a) Universitas Pendidikan Indonesia
Dr Setia budi No.229 Bandung 40154 Indonesia
ritasatria[at]upi,edu

b) Universitas Pendidikan Indonesia
Dr Setia budi No.229 Bandung 40154 Indonesia
nugraha[at]upi,edu
c) Universitas Pendidikan Indonesia
Dr Setia budi No.229 Bandung 40154 Indonesia
Ikin.solikin[at]upi,edu

Abstract
This study aims to obtain empirical evidence about the effect of Return on Assets (ROA) and Intellectual Capital (IC) Against Leverage, which is proxied by Debt to Equity Ratio (DER) which implies the Share Price of PT. Bank Central Asia, Tbk. Intervening Variables used are Debt to Equity Ratio (DER) The research conducted by the author in compiling the thesis is quantitative, namely conducting financial discussions by analyzing numerical data. The sample used in this study is a balance sheet, income statement at PT. Bank Central Asia, Tbk Period 2008-2017. This study uses descriptive analysis of statistical data, and uses the classic assumption test namely multicollinearity test, autocorrelation test, normality test, linearity test, heteroscedasticity test, and using multiple linear regression analysis, model feasibility test, namely t-test, F-test and coefficient of determination . In analyzing this research data using the Eviews 9.0 software tool. From the results of hypothesis testing ROA shows a negative and significant effect on DER. VAIC has a positive and not significant effect on DER. Simultaneously ROA and VAIC have a positive and significant effect on DER. While the results of the determination coefficient (R2) R-squared are influenced by other variables. Partially ROA shows ROA has a negative and not significant effect on Stock Prices, VAIC has a positive and not significant effect on Stock Prices, DER has a negative and significant effect on Stock Prices so that ROA, VAIC and DER have a positive and significant effect on Stock Prices at PT. Bank Central Asia, Tbk The period of 2008-2017 is influenced by other variables.

Keywords
Return on Assets (ROA), Intellectual Capital (IC), Debt to Equity Ratio (DER) Implications of Stock Prices).

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/hN2PxBEvV6CT

Corresponding Author
Fahmi Natigor Nasution

Institutions
Faculty of Economic and Business, University of Sumatera Utara

Abstract
The purpose of this study is to determine the effect of bank efficiency on earnings management behavior in banks in ASEAN. Bank efficiency used in this study is cost and profit where the measurement uses the stochastic frontier analysis model. The data used in this study are banks listed on stock exchanges in ASEAN in the period 2010-2017. Panel data regression analysis is used to test the effect of cost and profit efficiency on earnings management. This study also uses control variables which consist of bank size, credit risk, liquidity risk, and financial leverage. The results of the study show that both cost efficiency and profit efficiency have a significant effect on earnings management while the control variables that have a significant effect on earnings management are credit risk and liquidity risk.

Keywords
Earnings management, cost efficiency, profit efficiency

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/KgaQxDf49ZAj

Corresponding Author
Dian Windu

Institutions
University of indonesia

Abstract
This thesis is conducted to examine the internal and external return factors of stock return mutual funds fixed income mutual funds. Foreign ownership and family concentration are considered important to be studied more deeply, considering that in previous studies both factors were rarely considered as determinants of stock returns. The sample used is stock mutual funds and fixed income mutual funds listed on the Indonesia Stock Exchange and actively traded during the January 2013 to December 2017. The number of mutual funds that meet the research criteria are 76 stock mutual funds and 99 fixed income mutual funds. The form of data used in this study is panel data. The analytical tool used is regression with the EViews 9.0 statistical program. The result, the independent variable consisting of managed funds, volatility and sharpe ratio jointly influence the dependent variable (the performance of stock mutual funds). Partially, the managed funds do not affect the performance of mutual funds, but volatility and sharpe ratio significantly influence the performance of stock mutual funds. In fixed income mutual funds, independent variables consisting of managed funds, volatility and sharpe ratio jointly influence the dependent variable (the performance of fixed income mutual funds). Partially, managed funds, volatility and sharpe ratios significantly influence the performance of fixed income mutual funds.

Keywords
volatility managed funds, sharpe ratio return on stock mutual funds, return on fixed income mutual funds

Topic
Financial Management and Accounting

Link: https://ifory.id/abstract/wR3eLdTYcrvu