Buku Materi Pokok Teori Portofolio dan Analisis Investasi (TPAI) bertujuan membekali mahasiswa agar mampu menganalisis cara perusahaan atau individual menginvestasikan dananya dalam aset finansial dengan menggunakan beberapa metode/konsep, baik untuk sekuritas individual, maupun portofolio investasi.

Teori portofolio dan analisis investasi

This paper presents evidence that companies across three continental European countries (Belgium, Germany and the Netherlands) provide varying degrees of analyst recommended non-financial disclosures to the marketplace. This study is the first to examine the relationship of Jenkins Committee non-financial disclosure levels with the accuracy and dispersion of financial analysts' earnings forecasts. Seemingly unrelated regression tests show that larger companies and companies with a global focus voluntarily provide higher levels of both forward looking and historical non-financial disclosures. Additionally, higher levels of forward looking non-financial disclosures are associated with lower dispersion and higher accuracy in financial analysts' earnings forecasts.

Corporate Nonfinancial Disclosure Practices andFinancial Analyst Forecast Ability AcrossThree European Countries

A contemporary survey of islamic banking literature

textCurrently, companies spend a great deal of effort on Corporate Social Responsibility (CSR) disclosures. CSR disclosure relates to the provision of information on companies' environmental and social performance. From an economic perspective, companies might disclose this information to avoid or decrease potential political costs. We construct a CSR disclosure index based on the Global Reporting Initiative (GRI) guidelines. Using content analysis, we analyze 130 listed German companies' CSR disclosures (470 firm-year observations) to investigate the determinants of these voluntary disclosure activities. Our results show that, consistent with the political cost theory, German companies' disclosures of all CSR issues are affected by their visibility, shareholder structure, and relationship with their US stakeholders. In addition, higher profitability is associated with more environmental disclosures. Finally, size and industry membership affect the amount of CSR disclosure.

Determinants of voluntary CSR disclosure: Empirical evidence from Germany

Although CSR is an extensively studied topic, a systematic, comprehensive and diverse review in the domain of CSR and Islamic banking is missing. This paper intends to present a broad review of this domain. Through a state-of-the-art review, we have divided the paper into different sections, the first two are general i.e. CSR measurement, it deals with measuring methods of CSR in Islamic banking, and CSR theories, it gives a brief overview of theories referred in under-review studies. While, the other three sections are separated according to the nature of studies i.e. CSR narrative under the Islamic paradigm, CSR disclosure by Islamic banks, and CSR exposition in Islamic banks. At the end of each section, we have included a ‘commentary’ to discuss and summarize major points, highlight trends and issues, provide insights into limitations and suggest future research directions.

Corporate social responsibility and Islamic banks: a systematic literature review

This study aims to explore whether a discrepancy exists between the ideal and communicated (disclosed) ethical identity of Islamic banks in Asia and, further, whether there is any association of communicated ethical identity with financial performance. To achieve the objectives, the study analyses data derived from annual reports of Islamic banks in Asia for the period 2006–2010. The results suggest that out of the seven banks studied, three of them are above average and the rest suffer from disparity between the ideal and communicated ethical identities. Further, the study shows that the disclosure of a vision and mission statement; board of directors and top management; zakah, charity, and benevolent loans; and Shari’ah supervisory boards are negatively associated with performance, while the disclosure of products and services and commitment toward employees are positively associated with performance.

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The association of Islamic bank ethical identity and financial performance: evidence from Asia

This study investigates the influence of related party transactions (RPTs) on firm value. Further, it examines whether a firm’s corporate social responsibility (CSR) reporting reflects its corporate values and ethical concerns, therefore mitigating the value-destroying effects of RPTs. Based on 274 observations from publicly listed firms in Indonesia, our results show that RPTs (i.e., related party sales) are negatively related to firm value. Further, we find that in the presence of better CSR reporting, the relationship between RPTs and firm value becomes more positive. This is in line with the view that CSR reporting, which reflects firms’ ethical concerns, may serve as a mechanism against managers’ opportunism. However, we find that related party payables have a positive relationship with firm value. Further investigation reveals that, although certain RPTs show a short-term, value-enhancing effect, these transactions seem to result in subsequent tunneling activities, suggesting managerial opportunism in the long term.

Related party transactions and firm value: The moderating role of corporate social responsibility reporting

This study examines the correlation between corporate governance, environmental responsibility, and firm value in Indonesia and Malaysia. This study extends the literature in consideration of the role of environmental responsibility in indirect correlation between corporate governance and firm value. The environmental responsibility data index is calculated by conducting a content analysis of companies’ annual and sustainability reports in 2013. The other data are obtained from the database of OSIRIS, Bursa Malaysia (Stock Exchange of Malaysia), and Bursa Efek Indonesia (Indonesia Stock Exchange). The results show that corporate governance influences the company’s decision in performing voluntary activities such as environmental responsibility. This study shows that Malaysian and Indonesian markets do not respond to environmental responsibility information. It may be considered that the public in Malaysia and Indonesia lacks awareness of the importance of environmental responsibility.

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Corporate Governance, Environmental Responsibility and Firm Value: An Empirical Study in Indonesia and Malaysia

:This study investigates the impact of foreign currency volatility on companies' stocks returns and cash flow. Based on the analysis of 184 companies during January 2011 – December 2015, we find significant associations between foreign currency volatilities (REER) and companies’ stock returns. Further, we also find significant associations between foreign currency volatilities (REER, USD, JPY, EUR) and companies' quarterly cash flows. However, further inspection by using annual financial statements to replace quarterly cash flows reveals that only REER has a significant association with annual cash flows. Although the difference findings could be due to a smaller number of samples included in the model using annual cash-flows (n=920) which is much smaller than the model incorporating quarterly cash-flows (n=3,660), the findings may also indicate that the effect of foreign currency volatility is more pronounced to the more timely financial statements and is dissipated overtime in the annual financial statements. Overall, the findings are consistent with previous studies of Booth & Rotenberg (1990), Bartram (2008), and Atanasov & Nitschka (2015) which suggest that corporate cash flows are subject to foreign currency volatilities and companies’ future cash flow might be disturbed due to unexpected exchange rates changes. Abstrak : Studi ini menyelidiki dampak dari volatilitas mata uang asing pada pengembalian saham perusahaan dan arus kas. Berdasarkan analisis 184 perusahaan selama Januari 2011 - Desember 2015, kami menemukan hubungan yang signifikan antara volatilitas mata uang asing (REER) dan pengembalian saham perusahaan. Selanjutnya, kami juga menemukan hubungan yang signifikan antara volatilitas mata uang asing (REER, USD, JPY, EUR) dan arus kas kuartalan perusahaan. Namun, pemeriksaan lebih lanjut dengan menggunakan laporan keuangan tahunan untuk menggantikan arus kas kuartalan mengungkapkan bahwa hanya REER yang memiliki hubungan signifikan dengan arus kas tahunan. Meskipun temuan perbedaan bisa disebabkan oleh sejumlah kecil sampel yang termasuk dalam model menggunakan arus kas tahunan (n = 920) yang jauh lebih kecil daripada model yang menggabungkan arus kas kuartalan (n = 3.660), temuan juga dapat menunjukkan bahwa efek dari volatilitas mata uang asing lebih nyata pada laporan keuangan yang lebih tepat waktu. Secara keseluruhan, temuan konsisten dengan studi sebelumnya Booth & Rotenberg (1990), Bartram (2008), dan Atanasov & Nitschka (2015) yang menunjukkan bahwa arus kas perusahaan tunduk pada volatilitas mata uang asing dan arus kas masa depan perusahaan mungkin terganggu karena perubahan nilai tukar yang tidak terduga.

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The Influence of Foreign Currency Volatility on Stok Return and Cash Flows: An Empirical Study in Indonesia Listed Companies

This research examines the effect of earnings quality on the cost of equity and whether information asymmetry affects the relationship as a mediator. A hundred and twenty-three manufacturing companies listed in the Indonesia Stock Exchange during 2007-2012 were selected through a purposive sampling method. This study uses absolute discretionary accruals (|DA|) to measure earnings quality, bid-ask spread to proxy information asymmetry, and CAPM to measure the cost of equity. Using the bootstrapping method in the hypotheses testing, this study finds a significant negative effect of earnings quality on the information asymmetry. However, there is no support on the positive association between information asymmetry and the cost of equity, as well as the role o f information asymmetry as a mediator on the negative association between earnings quality and cost of equity.

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The Effect of Earnings Quality on Cost of Equity Through Information Asymmetry: An Empirical Study of the Manufacturing Companies in the Indonesia Stock Exchange

Zuni Barokah

Papers

The association of Islamic bank ethical identity and financial performance: evidence from Asia

Related party transactions and firm value: The moderating role of corporate social responsibility reporting

Corporate Governance, Environmental Responsibility and Firm Value: An Empirical Study in Indonesia and Malaysia

The Influence of Foreign Currency Volatility on Stok Return and Cash Flows: An Empirical Study in Indonesia Listed Companies

The Effect of Earnings Quality on Cost of Equity Through Information Asymmetry: An Empirical Study of the Manufacturing Companies in the Indonesia Stock Exchange