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The Economics Of Money Banking And Financial Markets

Religiosity And Banking SelectionCriteria Among Malays In Lembah Klang

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금융포용(financial inclusion)과 중앙은행

The effect of triple helix cooperation on business innovation: The case of Spain

Previous research shows that accounting conservatism facilitates debt contracting. Extending this line of literature, we examine whether the role of accounting conservatism in accessing external debt to attain firm growth varies with its maturity. We find evidence of a positive relationship between conservatism and debt maturity. We also observe a positive relationship between conservative accounting and future growth funded by all classes of debt, but this relation is due to long-term rather than short-term debt, which is less prone to agency risk. Further, the associations between conservatism and debt maturity and conservatism and growth financed by long-term debt are mostly observed for firms with fewer anti-takeover provisions in place. These findings suggest that the demand for accounting conservatism is not uniform across different debt maturity horizons.

Accounting Conservatism and Firm Growth Financed by External Debt: The Role of Debt Maturity

Sales growth is one of the indicators of firm’s performance. However, high sales growth does not guarantee high stakeholder value. This is shown by the relationship of sales growth (AGR) and sustainable growth (SGR), as well as balance growth (BGR). This study is conducted using a 466 sample of manufacturing companies listed on the Indonesia Stock Exchange from 2012 to 2016. Paired sample test and compared mean one-way ANOVA are used to see the difference in Net Profit Margin, Assets Turnover, Dividend Payout Ratio, Price Earnings Ratio, and Debt to Equity Ratio of AGR, BGR, and SGR sample group are classified based on low, medium, and high rank. The results show that (1) high sales growth cannot be used to explain high Net Profit Margin and Assets Turnover; (2) companies with high BGR also have high DPR and PER. However, it is believed that high BGR should lead to lower DER. Nonetheless, this study found that companies with high SGR have higher debt in their financing, indicating ‘Growth and Broke’ has occurred.
 
 
Keywords: actual growth, balance growth, sustainable growth, ‘Grow and Broke’

Sustainable Growth: Grow and Broke Empirical Study on Manufacturing Sector Companies Listed on the Indonesia Stock Exchange

This study aims to analyze the effect of financial inclusion on credit risk in commercial banks in Indonesia. The data used are secondary data obtained from the Financial Access Survey (FAS) of the IMF and Bank Focus from 2011-2016. A total of 34 banks were sampled in this study. From the results of panel data processing, it was found that financial inclusion has a positive effect on bank credit risk, where an increase in the financial inclusion index annually causes an increase in bank credit risk. The results of this study provide insights to the government and banks to anticipate credit risk which can affect banking stability due to financial inclusion.  Penelitian ini bertujuan untuk menganalisis pengaruh inklusi keuangan terhadap credit risks (risiko kredit) pada bank komersil di Indonesia. Data yang digunakan merupakan data sekunder yang didapatkan dari Financial Access Survey (FAS) IMF dan Bank Focus dari tahun 2011-2016. Sejumlah 34 bank menjadi sampel pada penelitian ini. Dari hasil pengolahan data panel, ditemukan bahwa inklusi keuangan memiliki pengaruh yang positif terhadap risiko kredit bank, dimana kenaikan indeks inklusi keuangan tiap tahunnya menyebabkan kenaikan pada risiko kredit bank. Hasil dari penelitian ini memberikan wawasan kepada pemerintah dan perbankan untuk melakukan antisipasi terhadap risiko kredit yang dapat berpengaruh kepada stabilitas perbankan akibat adanya inklusi keuangan.

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The Influence of Financial Inclusion on Credit Risks in Commercial Banks in Indonesia

ABSTRAK Tujuan penelitian – Resiko dan volatilitas adalah dua hal yang berkaitan terutama dalam penelitian mengenai pasar modal. Pergerakan saham maupun indeks yang dipengaruhi banyak faktor membuat volatilitas umum terjadi dan hal ini tentu mempengaruhi penilaian resiko. Penelitian ini mencoba melihat penggunaan model GARCH dalam menilai volatilitas di Bursa Efek Indonesia. Desain/Metodologi/Pendekatan – Penelitian ini bersifat deskriptif. Kami mennganalisa volatilitas di Bursa Efek Indonesia melalui return dari Indeks Harga Saham Gabungan (IHSG). Metode yang digunakan adalah model simetris GARCH dan asimetris TARCH dan EGARCH. Temuan – Hasil penelitian menunjukan bahwa pasar modal Indonesia memiliki gejala volatility clustering .. Pasar modal Indonesia lebih sensitif terhadap berita negatif daripada positif. Model GARCH yang dapat dilakukan adalah GARCH (1,1), TARCH (1,1) dan EGARCH (1,1) dengan model EGARCH(1,1) memiliki hasil ramalan yang sedikit lebih baik dari kedua model lainnya. Keterbatasan penelitian – Penelitian ini hanya menyasar pada volatilitas IHSG dan penerapan model GARCH untuk analisa dan peramalan. Penelitian selanjutnya dapat mengkaitkan hasil analisa dengan situasi ekonomi nasional maupun global. Originality/value – Penelitian ini menitikberatkan pada analisa univariat dengan memanfaatkan model ekonometrik GARCH. Keywords : Volatilitas, Resiko, Pasar Modal, GARCH.

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Penerapan Model GARCH Dalam Peramalan Volatilitas di Bursa Efek Indonesia

This study aims to find factors that affecting customers’ preference in choosing Islamic bank. The data is collected through questionnaires spread to Islamic banks’ customers in seven cities and district in South Sumatera. The total questionnaires that can be used in the analysis is 509 questionnaires. The data is then analysed using mean ranking to see the factors that prioritized by the customers. The finding shows that staff friendliness, shariah compliance and fast and efficient banking service are found to be the factors that considered important by the customers. The customers also show a little concern on interest loan and saving offered by Islamic banks as they rank very low in the mean score ranking. This study gives insight to policy makers on factors that need attention in increasing the market share of Islamic banks in Indonesia.

Customers’ Preference in Choosing Islamic Banks

Purpose of the study: This paper investigates factors that influence the Muslims’ intention to adopt Islamic banking and to examine whether religiosity moderates the effect of those factors toward the Muslim's intention to adopt Islamic banking in South Sumatera.
Methodology: Primary data collected from six towns/districts in South Sumatera are obtained through questionnaires with the total respondents of 300. Using multiple regression analysis, we test whether attitude, social influence, bank reputation, and compliance on Islamic principles can affect the Muslims’ intention in using Islamic banking.
Main Findings: We further crosscheck our findings through an interview with some of the respondents. We find that attitude, reputation, and compliance affect the intention to adopt Islamic banking significantly, whereas social influence is found to be insignificant. Our further finding explains that religiosity, which is represented by the dimension of Syariah and Ahlaq, cannot moderate the effect of an independent variable on the dependent variable.
Implications of this study: This implies that in increasing Islamic bank market share, managers of Islamic banks and also government cannot solely depend on religious factors. Our findings give insights to practitioners and regulators on what factors can affect Muslims’ intention to use Islamic banking.
Novelty/Originality of this study: This study contributes as it extends the existing literature, any factors influencing the interest and intention of the Muslim community to adopt sharia banking as their banking activities. Some studies look at the direct effect of religiosity toward Islamic banking, however, it is different from previous studies because we put religiosity as a moderating variable.

Fida Muthia

Papers

Sustainable Growth: Grow and Broke Empirical Study on Manufacturing Sector Companies Listed on the Indonesia Stock Exchange

The Influence of Financial Inclusion on Credit Risks in Commercial Banks in Indonesia

Penerapan Model GARCH Dalam Peramalan Volatilitas di Bursa Efek Indonesia

Customers’ Preference in Choosing Islamic Banks

Identifying the factors determining of muslims’ intention to adopt islamic banking in the local region: religiosity as moderating variable: