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1	ABS-1	Financial Management and Accounting
Bank Specific & Macroeconomic Determinants of Islamic Bank Profitability in Indonesia Dedi Supiyadi & Meta Arief Sekolah Pascasarjana - Universitas Pendidikan Indonesia Pendidikan Akuntansi - Universitas Pendidikan Indonesia Abstract Purpose, This paper aims to examine the effect of factors that contribute to the profitability of Islamic banks in Indonesia over the period 2008-2017. Methodology, This research employs the explanatory method. We use secondary data obtained from the OJK to examine the Determinants of Islamic Bank Profitability and then we analyse the data using the GMM technique. Findings, The study found that only Bank Size had a positive effect both ROA and ROE while capital, credit risk and liquidity had a negative effect on Islamic bank profitability in Indonesia. Finally, the macroeconomic determinant showed that only inflation had positive effect while GDP had no significant effect on Islamic bank profitability. Practical implications, The result indicates that Islamic banks in Indonesia need to be developed and well supported by the government through an independent regulation out of the Bank of Indonesia. This means Islamic bank need to develop supporting regulations and products based on Islamic law and Sunnah. Originality, this paper provide new Islamic Bank information and applies the GMM technique which previous studies never used to examine the Islamic bank profitability in Indonesia Keywords: Capital, credit risk, Islamic Banking, inflation, liquidity, profitability, GDP. PermaLink | Plain Format | Corresponding Author (Dedi Supiyadi)

2	ABS-260	Financial Management and Accounting
Effect of Market Value Ratio, Profitability Ratio And Solvability Ratio to Market Value Added Companies Listed in Jakarta Islamic Index (JII) from 2012 to 2016 1. Puji Sucia Sukmaningrum (SE.,CIFP.) 2.Hasta Kurnia Prawira Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga Abstract This study aims to determine the effect of Market Value Ratio, Profitability Ratio, and Solvability Ratio to Market Value Added Companies Listed in Jakarta Islamic Index partially or simultaneously. The sample used in this study as many as 14 companies registered in the Jakarta Islamic Index. The observation period of the study starts from 2012 to 2016.The results of the best estimation model based on Random Effect Model shows that the variables of Earning Per Share, Return on Equity and Debt to Equity Ratio affect simultaneously and significantly to Market Value Added companies listed in Jakarta Islamic Index period 2012-2016.And partially variable of Earning Per Share have negative effect is not significant, the variable of Return On Equity have positive and significant influence, and Debt to Equity Ratio variable has significant negative effect to market value added listed in Jakarta Islamic Index period 2012-2016. Keywords: Market Value Ratio, Profitability Ratio, Solvability Ratio and Market Value Added. PermaLink | Plain Format | Corresponding Author (PUJI SUCIA SUKMANINGRUM)

3	ABS-264	Financial Management and Accounting
Financial Literacy and Retirement Savings Ownership A.M. Adiandari, N.D.A. Amrita, H. Winata Faculty of Economy, University of Ngurah Rai, Bali, Indonesia Abstract This study aims to determine the relationship of financial literacy and retirement savings ownership. This study also tests whether social economic characteristics, such as marital status, number of children, length of work and monthly income can affect a person decision to own retirement savings for future prosperity. The research method is quantitative, using spearman correlation test with the sample number of 170 employees from a state owned bank in Payakumbuh, West Sumatera, Indonesia. Results showed that only the number of children and length of work of the social economic characteristics has a relationship with retirement savings ownership, whereas marital status and monthly income has no relationship with retirement savings ownership. Moreover, findings showed that financial literacy has a relationship with retirement savings ownership. Hence, improving financial knowledge, especially directly related to retirement savings is necessary to increase penetration and density of retirement savings in Indonesia. Keywords: Retirement Savings Ownership, Indonesian Social Economic Characteristics, Financial Literacy. PermaLink | Plain Format | Corresponding Author (Ade Maharini Adiandari)

4	ABS-9	Financial Management and Accounting
INTENDED USE OF IPO PROCEEDS, UNDERPRICING AND LONG-TERM MARKET PERFORMANCE OF STOCKS IN INDONESIA Harlina Meidiaswati (a), Nugroho Sasikirono (b), Dina Novita (c) (a) Faculty of Economics, Kartini University. (b) Faculty of Economics and Business, Universitas Airlangga (c) Faculty of Economics, Kartini University. Abstract The aims of this study is to examine the effect of intended use of IPO proceeds on the market performance of stocks in the Indonesia Stock Exchange (IDX). The test is conducted by multiple linear regression to find out whether the information in the prospectus of stock offerings related to IPO proceeds utilization for: acquisition, group financing, long-term investment, debt repayment and working capital, affect both the initial and the long-term stock returns. The sample consist of 115 companies that made an initial public offerings in the Indonesia Stock Exchange during the period 2006-2013. The test results show that the disclosure of specific information about the use of funds for acquisitions negatively affects initial returns and long-term market performance. We also find that firm size is the main determinant of IPOs intended use of proceeds. Keywords: intended use of IPO proceeds, underpricing, long-term market performance. PermaLink | Plain Format | Corresponding Author (Harlina Meidiaswati)

5	ABS-13	Financial Management and Accounting
WHICH MODEL IS BETTER TO PREDICT FINANCIAL DISTRESS ? TEST ON STATE OWNED ENTREPRISE LISTED IN IDX Riko Hendrawan , Betty Indah Tristanti Telkom Unversity Abstract Keywords: Financial Distress, SOE, S-Score, Z-Score PermaLink | Plain Format | Corresponding Author (Hendrawan Riko)

6	ABS-14	Financial Management and Accounting
TEST OF FCFE MODEL AND DIVIDEND DISCOUNT MODEL IN BANKING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE Riko Hendrawan,Tami Ziarani Rahayu Telkom University Abstract The banking industry is one of the industries whose shares are in great demand by the people who will invest in the capital market. Not only interested by local investors and even banking industry stocks are also in great demand from foreign investors. The purpose of this research is to know the fair price of shares in banking companies in 2017 by using the method of Free Cash Flow to Equity on the growth scenario in pessimistic, moderate and optimistic conditions and To know the fair price of shares in banking companies, in 2017 by using Dividend Discount Model method. The sampling technique used purposive sampling and chose 4 Banking Companies which entered into book 4 category as research sample.Finding from this research shows that, using FCFE Model BBNI, BMRI and BBCA show undervalued that stock market price is lower than fair value of company stock, while BBRI show overvalued and by using DDM calculation method all emiten show undervalued. If it is known whether the stock is undervalued, fairvalued, or overvalued, then the investor can be more confident to determine his investment decision. Whether the stock wants to be bought, retained or sold Keywords: Banking Industry, DDM, FCFE PermaLink | Plain Format | Corresponding Author (Hendrawan Riko)

7	ABS-270	Financial Management and Accounting
CEO Gender and Firm Debt Policy: An Empirical Study in Indonesia Rahmat Setiawan (a*), Dynes Rizky Navianti (b) a) Economics and Bussiness Faculty of Airlangga University Jalan Airlangga 4, Surabaya, Indonesia *rahmatsetiawan[at]feb.unair.ac.id b) Economics and Bussiness Faculty of Airlangga University Jalan Airlangga 4, Surabaya, Indonesia dnavianti[at]gmail.com Abstract This research that contained in the paper aims to investigate the influence of female director and female commissioner on the firm structure capital of non-financial companies listed on Indonesia Stock Exchange (IDX) since the 2010 to 2014 with 372 observations. A structure capital of the firms is measured by the leverage ratio that implicate to debt policy. The leverage ratio shows the level of usage in the company as variable dependent. Dividend payout ratio, return on asset, size of director, and size of commissioner as control variables. Modeling the leverage of firm using multiple regression. Here, the result of this study indicate that firms with a larger fraction of female director have negative effect on debt policy significantly. Otherwise, female commissioner is not significant effect on debt policy. As control variables that is significantly effect on debt policy is dividend payout ratio and size of director. Keywords: debt policy, gender commissioner, gender director PermaLink | Plain Format | Corresponding Author (Dynes Rizky Navianti)

8	ABS-272	Financial Management and Accounting
Executive Compensation and Risk: An Empirical Study in Indonesia Rahmat Setiawan (a*), Zunairoh (b) a)Economics and Bussiness Faculty of Airlangga University Jalan Airlangga 4, Surabaya, Indonesia *rahmatsetiawan[at]feb.unair.ac.id b) Economics and Bussiness Faculty of Airlangga University Jalan Airlangga 4, Surabaya, Indonesia zunairoh9[at]gmail.com Abstract We investigate the relationship between executive compensation and risk for banks in Indonesia over the 2010 until 2013 periods with 412 observations. Risk of banks measured by non-performing loan that implicated in loan risk. Non-performing loan as dependent variable. The executive compensation as independent variable. Firm size, firm age, and capital asset ratio as control variable. Here, the result of the study indicates that executive compensation, firm size, firm age, and capital asset ratio have negative effect on risk significantly Keywords: executive compensation, risk, bank PermaLink | Plain Format | Corresponding Author (Zunairoh Zunairoh)

9	ABS-18	Financial Management and Accounting
The Comparation of Credit Risk and Likuidity Risk Between Commercial Banking Sharia (CBS) and Sharia Bussines Unit (SBU) in Sharia Banking Portofolio Edi Junaedi School of Post Graduate UPI Jl. DR. Setiabudi No 229, Bandung, Indonesia Abstract The development of Sharia Banks industry in Indonesia is growing rapidly and becoming one part of the financial market competition. In Indonesia, sharia banks are divided into three namely, Sharia Commercial Bank (BUS), Sharia Business Unit (UUS) and Sharia Rural Bank (BPRS). Until the period of December 2017 there were 13 BUS, 21 UUS and 92 Shariah BPRs that have been operating with a total of 714 Headquarters and Branches and 1,315 Sub Branch Offices throughout Indonesia. This study aims to identify and compare how the risk profile of credit and liquidity risk between Sharia Commercial Bank and Sharia Business Unit. NPF (Non Performing Financing) is an indicator of credit risk profile and FDR (Financing to Debt Ratio) is used as an indicator of liquidity risk measurement. This study is a descriptive study with secondary data derived from the annual financial statements of OJK period 2014-2017 with a sample of 12 banks of Sharia and 21 units of Sharia Business Unit. The result shows that NPF in sharia bank is higher than NPF of Sharia Business Unit. The average NPF of Commercial Banking Sharia was 4.74% and FDR was 85.08% while in Sharia Business Unit the average of NPF was 2.80% and FDR was 102.5%. Sharia business unit is considered more able to control the credit risk given while Sharia Commercial Bank is considered more able to control liquidity risk. Therefore Comercial Bank Sharia need to mitigate to minimize credit risk and Sharia Business Unit needs to mitigate to minimize liquidity risk. There needs to be a comparative study on both types of sharia banking to share the risk mitigation way. Keywords: Commercial Sharia Banking, Sharia Banking Unit, NPF (Non Performing Loan), FDR (Financing to Debt Ratio) PermaLink | Plain Format | Corresponding Author (Edi Junaedi)

10	ABS-283	Financial Management and Accounting
THE IMPACT OF MICRO CREDIT AND BUSINESS MANAGEMENT TRAINING TO MICRO AND SMALL BUSINESS PERFORMANC IN WEST JAWA INDONESIA Foura Deviyanti, Layyinaturrobaniyah*, Adiatma M. Siregar Magister Management of Integrated Microfinance Management Faculty of Economics and Business Universitas Padjadjaran, Bandung, Indonesia Abstract Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the national economy. However, there are still many problems faced by SMEs such as the availability of capital and the difficulties of accessing capital to the banks financial institution as a lender and also other problems such as low understanding in business management, limited market access, and lack of mastery of science and technology. This study aims to analyze the extent of the effect of micro credit financing provided by banks and business management training on MSMEs performance. The method used in this research is mix method by using Sequential Explanatory Analysis, where quantitative data analysis using Partial Least Square (PLS) with research subject are debitur Bank bjb located in area Kanwil 1 which is taking micro credit (no more than Rp 50 million). The results showed that micro credit financing and business management training partially have a positive and significant impact on the performance of MSMEs. Keywords: Micro credit, financing, microfinance, management training, Micro business PermaLink | Plain Format | Corresponding Author (Layyinaturrobaniyah Layyinaturrobaniyah)

11	ABS-284	Financial Management and Accounting
Corporate Social Responsibility, Size And Tax Aggressiveness: An Empirical Analysis Radhi Abdul Halim Rachmat, Memen Kustiawan Universitas Pendidikan Indonesia dan Universitas Widyatama, Universitas Pendidikan Indonesia Abstract Corporate social responsibility (CSR) and taxes have the same roles and functions for social welfare, but companies often use csr to reduce taxes especially large scale companies. This study examines the relationship be-tween corporate social responsibility (CSR), firm size and corporate tax aggressiveness. Samples taken from 11 public companies that listed in LQ45 Indonesia for financial year 2013-2015. The results of multiple regression analysis show that there is no relationship between corporate CSR activities and corporate tax aggres-siveness, while the other finding show that corporate activities is affected by size of the company in conducting corporate tax aggressiveness. Keywords: CSR, Size, Tax Aggressiveness PermaLink | Plain Format | Corresponding Author (Radhi Abdul Halim Rachmat)

12	ABS-29	Financial Management and Accounting
Profitability, Dividend Policy and Stock Price Volatility: Indonesia Stock Exchange Irma Setyawati, Doni Purnama Alamsyah, Khusnul Khotimah University of Bhayangkara Jakarta Raya, University of BSI Institute Business and Informatics Kosgoro 1957 Abstract The purpose of this study is to analyze profitability and dividend policy in predicting stock price volatility of property manufacturing companies with real estate and property sub-sector and building construction which listed in the Indonesia Stock Exchange period 2009-2015. The data taken in the form of corporate financial statements, while the company used as research samples taken using a purposive random sampling technique. This research found that return on asset and dividend payout ratio have positive and significant effect to the company stock price. Thus, both management and investors are very concerned about changes in stock prices, then research can provide a way to find the dominant factor in volatility of stock prices and which should be considered by investors before making investment decisions, and the management in formulating the dividend policy for the company. Keywords: dividend policy, probability, volatility stock price, Indonesia Stock Exchange PermaLink | Plain Format | Corresponding Author (Irma Setyawati)

13	ABS-287	Financial Management and Accounting
Benefit Value and Investment Evaluation Calculation of Street Lighting Using Real Option Analysis (ROA) Lindawati Gaffar Universitas Pendidikan Indonesia Abstract The use of Light-Emitting Diode (LED) technology as street lighting is widely applied in various countries. The replacement of existing lighting to LED technology requires a high investment cost. This paper proposes two approaches to calculate the value of benefits and the cost of street lighting investment using LED illuminates. Real Option Analysis (ROA) methods are used to evaluate the value of street lighting investment in Bandung, Indonesia. The results prove that, the factor that greatly affects the change in the value of street lighting investment using LED technology is the change in the basic price of electricity, and the depreciations of LED prices are difficult to predict. This method is expected to provide new knowledge in the evaluation of investment value and the benefits of street lighting. Keywords: Light-Emitting Diode (LED), street lighting, benefit value, invesment evaluation, Real Option Analysis (ROA). PermaLink | Plain Format | Corresponding Author (Lindawati Gaffar)

14	ABS-288	Financial Management and Accounting
The Effect of Macro Economic Indicators And The addition of Tax payers Against Tax Receipts in Indonesia Ivan Gumilar Sambas Putra(a), Diana Sari(b) Memen Kustiawan(c) Widyatama University(a)(b), Indonesia University of Education(a),(c) email: ivan.gumilar[at]upi.edu(a), diana.sari[at]widyatama.ac.id(b), memen_kustiawan[at]yahoo.com(c) Abstract The national economy during a period of ups and downs as a result of changes in the economic environment that is changing dynamically. Rise and fall of economic growth in the aggregate at least describe how much output can be achieved within a certain period of development. The role of taxes as well as can be seen by its contribution to fund government spending. As a component of the largest state income Tax Receipts is the main source to finance state spending, the researchers interested in studying with the title "The Effect of Macro Economic Indicators And The addition of Taxpayers Against Tax Receipts in Indonesia" The method used in this research is multiple linear regression using descriptive and verificatif methods, population in this research is data of Economic Growth (GDP), Exchange, SBI, Inflation, Oil Prices, Tax Payers of the Tax Receipts in Indonesia the period 2005-2014. While the sample used is as much as the study population using census method. This study was processed with SPSS so can result in that GDP Economic Growth, Exchange, SBI, Inflation, Oil Prices and Tax Payers significant influence simultaneously and partially on Tax Receipts Indonesia Year 2005-2014. Keywords: GDP, exchange rate, SBI, Inflation, Oil Prices, Tax Payers, Tax Receipts PermaLink | Plain Format | Corresponding Author (Ivan Gumilar Sambas Putra)

15	ABS-35	Financial Management and Accounting
Effect Of Profitability, IOS, FCF And Collateralizable Assets To Dividend Agnes Juliarti, Sumani Universitas Katolik Indonesia Atma Jaya Abstract In the middle of the development and progress of the business world, the competition between companies encourages companies to have a competitive advantage, one of which is reflected in the companys dividend policy. This study will examine the effect of profitability, investment opportunity set (IOS), free cash flows (FCF), and collateralizable assets (CA) on dividend policy. Research population are companies listed on BEI in manufacturing industry sector of consumer goods industry in the period 2013-2015. The number of samples used in the study were 19 companies. The results show that profitability and IOS variables have a significant negative effect on corporate dividend policy while FCF and CA have no significant effect on company dividend policy. Keywords: dividend policy, profitability, investment opportunity set (IOS), free cash flows (FCF), and collateralizable assets (CA) PermaLink | Plain Format | Corresponding Author (Sumani Sumani)

16	ABS-294	Financial Management and Accounting
Why Did Baitul Maal wa Tamwil (BMT) Discontinue The Linkage Program with Islamic Bank? A Case Study in Indonesia Muhammad Nafik Hadi Ryandono, Denizar Abdurrahman Miraj Universitas Airlangga Abstract Linkage program between BMT and Islamic bank was held by Ministry of Cooperatives in Indonesia since 2009. Bank Indonesia (BI) stated that this linkage program was a relevant strategy to achieve more inclusive financial system through optimizing the role of Islamic banks and potential of BMT who handled Small and Micro Enterprises (SMEs). But in the implementation, this program could only absorb around 58,5% of BMT institutions (BI, 2012). It caused by the consequences of linkage: even though BMT got funding from Islamic banks, but the rate of return they should pay is more expensive then they borrow to BMT member. So that, BMT products become more expensive also then it will push the SME doers as the end user. This study aims to determine the reason why did BMT decide to discontinue the linkage program with Islamic Bank. This study used a qualitative approach and single-case studies as the strategy. Primary data collected by in-depth interview, while secondary data obtained from the annual financial statements of BMT. The explanation building was used as the technique of analysis by explaining the results of in-depth interviews, in order to know the reason of BMT to stop linkage program. The results showed that the BMT option to stop the linkage program is not just because of expensive rate of return and other operational aspects only. The biggest point of decision is because of there is a difference of aqad applied in linkage program which is it was not accordance with mudaraba system contract. Keywords: BMT, Islamic Bank, Linkage Program, Financial Inclusion. PermaLink | Plain Format | Corresponding Author (Muhamad Nafik Hadi Ryandono)

17	ABS-296	Financial Management and Accounting
INFORMATION ASYMMETRY in CAPITAL MARKET: WHAT, WHY and HOW Puput Tri Komalasari, Moh. Nasih Universitas Airlangga Abstract Information is a valuable commodity and resource to maximize the utility of economic agents. Information asymmetry occurs when there is an information gap among economic actors. Information asymmetry has received considerable attention in both accounting and finance literature. Basically, information asymmetry is not directly observable and therefore researchers use proxy variables. However, in so far there are no studies that have classified the proxies of information asymmetry based on its characteristics. Furthermore, market characteristics are often overlooked in choosing a proxy of information asymmetry. This paper attempts to partially address this gap in literature by classifying proxies of information asymmetry and reviewing proxies that more appropriate to be used in emerging market. This paper also discusses how information asymmetry takes place in capital market and why it is important in emerging capital market research. We pay more attention to emerging markets because information asymmetry is presumed resulting capital market collapse. Keywords: adverse selection, capital market, emerging market, information asymmetry PermaLink | Plain Format | Corresponding Author (Puput Tri Komalasari)

18	ABS-42	Financial Management and Accounting
Tax expense and bonus mechanism on transfer pricing G.S. Manda, H.M. Zakaria & A. Rakhman Universitas Singaperbangsa Karawang Abstract The aim of this research is to examine the influence of tax expense and bonus mechanism on transfer pricing with using sample manufacturing company at LQ 45 period 2012-2016. The variables of this research consisted of two independent variables and one dependent variable. The first independent variable is tax expense, the second independent variable is bonus plan, and transfer pricing is dependent variable. The research is quantitative methods and analysis techniques of this research is using logistic regression analysis. This is because the dependent variable in this reasearch is dummy variable, the companies which is using transfer pricing is coded by 1 and the companies which is not using transfer pricing is coded by 0. This reasearch uses financial statements as a data source. The results of the research showed tax expense and bonus plan do not have influence on transfer pricing on manufacturing company at LQ 45 period 2012-2016 Keywords: Manufacturing, LQ 45, Tax expense, Bonus plan, Transfer Pricing PermaLink | Plain Format | Corresponding Author (Gusganda Suria Manda)

19	ABS-298	Financial Management and Accounting
The Role Of Leadership And Competence Of The Managers Budget Against The Implementation Of Performance-Based Budget Management At The Department Of Revenue, Asset And Financial Management Areas (DPPKAD). Rina Maria Hendriyani (1), Tika Sartika(2), Dian Hakip Nurdiansyah(3) Singaperbangsa Karawang University Abstract In budget performance-based organization or organizational unit is not only required to compile the functions, programs, activities, and types of shopping but also planning activities to be achieved, in the form of the output or especially the results of the program or activities that will be carried out this research aims to know the implemnentasi and correlation between performance-based Budget Management at the Department of revenue, Asset and financial management Areas (DPPKAD) of Karawang. This research using the method of deksripif verifikatif to get an idea of leadership, competence Manager budget and implementation of performance-based budgets on District Government Karachi. The results of this research are the leadership roles of variables are at high scale. The competence of the Manager of the budget are on a scale of good. This means that the budget Manager has the perception that the budget Manager competency in Karawang DPPKAD is good. Leadership roles (X 1) of competence and budget Manager (X 2) effect significantly to performance-based budget implementation (Y), obtained a value of Sig. 0.000 < &#945; (0.05). This means that simultaneously there is a significant influence of the variable variable against free is not free. This means that the role of leadership and competence of the budget Manager has significance and helpful towards achievement of performance-based budget implementation. Keywords: Leadership, Budget Management, Competence Manager Budget PermaLink | Plain Format | Corresponding Author (Rina Maria Hendriyani)

20	ABS-47	Financial Management and Accounting
Forecasting Volatility Stock Price using ARCH/GARCH Method: Evidence from the Indonesia Stock Exchanges. Lia Puspa Anggita (a), Nugraha (b), Ikaputera Waspada (b) UPI Abstract This study aims to predict stock price volatility using ARCH / GARCH model in Indonesia. The research method used is quantitative method on Indonesia stock price index for period 2011-2017. The analysis technique used ARCH / GARCH model with data processing using Eviews 9 software. The results show the best volatility model in predicting stock price is EGARCH model and this model is more accurate in the modeling of volatility model in Indonesia since 1998 until now. Keywords: Forecasting, Volatility, Stock Price, ARCH Model, GARCH Family Model. PermaLink | Plain Format | Corresponding Author (Lia Puspa Anggita)

21	ABS-304	Financial Management and Accounting
THE IMPORTANCE OF MICRO WAKAF BANK (BANK WAKAF MIKRO) IN ACCELERATING FINANCING FOR MICRO-SMALL-MEDIUM ENTERPRISES Ahmad Hidayat (a), Nugraha (b) STIE EKUITAS (a), Indonesia University of Education (a), (b) Email: ahmad.hidayat[at]ekuitas.ac.id(a), nugraha[at]upi.edu (b) Abstract So far, peoples understanding of wakaf is conservative, such as wakaf of immovable matter in the form of slowly productive land. The idea of the Association of Indonesian Muslim Scholars on the establishment of Wakaf Bank since 2014 has recently received a positive response from the government in the form of a plan to inaugurate the establishment of Wakaf Venture Indonesia Bank (BWVI) in mid 2017. However, the Government in this case the Financial Fercives Authority (OJK), preferring to launch a government program in the form of a Micro Wakaf Bank (BWM) with a Micro Sharia Financial Institution Platform and incorporated as a legal service cooperative, while BWVI is not available. The existence of Micro Wakaf Bank as the implementation of the Infak implementation of the donors is expected to serve as an alternative financing channel, especially for Micro-Small-Middle Enterprises (MSMEs) are generally minimal access to formal financial institutions, especially those in Pondok Pesantren. The purpose of this study is to analyze the urgency of the existence of the BWM towards the acceleration of financing through the characteristics embedded in the dimension of community empowerment. The review process is carried out through literature study with normative characteristics in infaq and in community empowerment and the result of the study indicates that the characteristic of BWM in the conceptual financing process does not prioritize the guarantee, but prioritizes the approach in facilitation so that the customers business and the installment can be controlled. Relating to The BWM, in essence there is an incubator process to prepare customers who previously non-bankable to be bankable. This will ultimately provide convenience to the MSMEs in obtaining financing facilities that have been considered difficult to obtain through commercial banks. The visionary goal of the establishment of BWM will be more optimal if both the managerial and operational processes are in synergy involving government institutions such as Indonesian Wakaf Board (BWI) and National Amil Zakat Agency (BAZNAS) as well as private institutions such as Lembaga Amil Zakat (LAZ). Keywords: Micro Wakaf Bank, OJK, Financing, MSMEs PermaLink | Plain Format | Corresponding Author (Ahmad Hidayat)

22	ABS-307	Financial Management and Accounting
DEVELOPING MODEL TO PREDICT FINANCIAL DISTRESS ON BULLISH AND BEARISH MARKET CONDITION AS EARLY WARNING TOOLS BANKRUPTCY IN INDONESIA Eka Bertuah, Rina Indiastuti, Sulaeman Rahman Nidar, Aldrin Herwany Esa Unggul University, Jakarta, Indonesia Padjadjaran University, Bandung, Indonesia Padjadjaran University, Bandung, Indonesia Padjadjaran University, Bandung, Indonesia Abstract This study aims to develop a model can be early warning system of financial distress occurs. Suspected factors affecting financial distress in terms of financial decision made, preference investors against profits and economic macro conditions that exert influence over the company performance. Based on these indicators, this research followed by design formulation and financial distress models. Objects research chosen were manufacturing companies listed on Indonesian Stock Exchange in 2001 to 2014. Research started by observing market condition in bullish or bearish using regression analysis time series. Then analysis the data used was factor analysis and logistic regression. The research results show that model prediction financial distress on condition bearish market has a accuracy higher than bullish market. This supports the pecking order theory in capital structure that shows when the companies need funding, so early funding alternative consideration is retained earnings. Keywords: financial distress, bearish, bullish, early warning tools. PermaLink | Plain Format | Corresponding Author (Eka Bertuah)

23	ABS-53	Financial Management and Accounting
PEER GROUP MODEL AS A REFERENCE OF BANKS PERFORMANCE ASSESSMENT 2 Universitas Pelita Harapan Sekolah Tinggi Ilmu Ekonomi Wiyatamandala, Jakarta Abstract Banks operating in Indonesia condition rate are the result of the Banks assessment for their risk and performance. The assessment of a bank condition is measured by considering the peer group of the bank. Banks Peer group is a group of banks that have common conditions. The plotting of a bank peer group is based on the homogeneity of the banks condition concerning to the other banks. Besides that, by choosing banks that are classified as peer group it should be noted the suitability of banks business. Consider the important role of bank peer group, to be a benchmark of objective performance monitoring, the determination of banks peer group should be done objectively. The bank peer group model works by assessing the relative performance of bank variables which become a concern to a bank for the others through equalization of the bank core capital. This research was conducted to test the bank peer group model formulated by Sugiarto using cross section data per December 2016. To simulate the performance of the bank peer group model, Bank Jasa Jakarta which is operating in Indonesia will be used as an anchor bank. For the purpose for testing the performance of peer group model, the analysis performance of Bank Jasa Jakarta is compared to classified banks as peer group, especially to the variables that significantly affect the performance of bank such as Non-Performing Loan, Return on Assets and Return on Equity that have important role in bank sustainability. Determination of performance of the peer group model will use the data from bank publication report taken from website of Indonesia Financial Services Authority. The test results using cross section data indicate that the model of bank peer group formed is a reliable model consider that the results obtained from the model are able to represent the actual conditions. The test results show that it is possible to establish an objective bank peer group determination model using a statistical point of view. Keywords: banks, peer group model, performance assessment PermaLink | Plain Format | Corresponding Author (sugiarto sugiarto)

24	ABS-58	Financial Management and Accounting
Mandatory SAK based IFRS Adoption and Audit Delay Rizal Maward; Hamidah Airlangga University Abstract Institute of Indonesia Chartered Accountants (IAI) in 2012 issued a policy decision for mandatory IFRS adoption applied by companies in Indonesia Stock Exchange (IDX). This paper to exam whether mandatory IFRS adoption has impact increasing or decreasing audit delay that caused by increasing complexity of accounting practices. This research was designed by multiple regression model. The result of descriptive analysis shows that the average of audit delay between the period of voluntary and mandatory IFRS adoption are 76 days. The result of determination coefficient of R2 = 0,194 in voluntary IFRS adoption and R2 = 0,264 IFRS adoption mandatory. The result give empirical evidence that audit delay increase caused company characteristics and market forces become more influence on audit delay in era of IFRS adoption. Keywords: Corporate Governance, Gender, Public Accounting Firms, IFRS Adoption, Audit Delay PermaLink | Plain Format | Corresponding Author (Rizal Mawardi)

25	ABS-59	Financial Management and Accounting
Analysis of Constant Correlation Optimal Portfolio Model (Case Study in Jakarta Islamic Index) Irni Yunita Telkom University Padjadjaran University Abstract The purpose of this study is to performed and analyze the optimal portfolio by using Constant Correlation Model. The sample of this research is all securities in Jakarta Islamic Index Period 2018. This research is using time series data from 2013 to 2018. The results shows that the optimal portfolio selection is consist of 2 securities : TPIA (52.93%) and BPRT (46.07%). The monthly return of Portfolio is 5.7 %, above the individual return and the risk of portfolio is 0.106%, below the individual risk. The portfolio performance index is positive and above the market. The value of Sharpe Index is 0.0435, Treynor Index is 1.5819 and Jensen Index is 0.0529. Keywords: Optimal Portfolio Selection, Constant Correlation Model, Portfolio Performance, Jakarta Islamic Index PermaLink | Plain Format | Corresponding Author (Irni Yunita)

26	ABS-60	Financial Management and Accounting
Testing Theory of Dividend Policy: Evidence in the Realestate Sector in Indonesia Imas Purnamasari, Nugraha Faculty of Economic and Business Education Universitas Pendidikan Indonesia imaspurnamasari[at]upi.edu Abstract The aim of this research is to test the irrelevant theory and relevant theories of the dividend policy. This research is conducted on real estate sector from period 2012-2015 to get 168 observation data. Variable of research include 1) Independent variable that is financial performance of company which proxy by Profitability, 2) Dependent variable that is Dividend Policy which proxy Dividend Payout Ratio, 3) Moderation variable that is firm size proxy by total assets. The results of the study found that in Indonesia the real estate sector of dividend policy based on irrelevancy theory Keywords: Irrelevancy theory, Relevant Theory, Dividend Policy PermaLink | Plain Format | Corresponding Author (Imas Purnamasari)

27	ABS-61	Financial Management and Accounting
RISK PROFILE, GOOD CORPORATE GOVERNANCE, PROFITABILITY CAPITAL AND THIRD-PARTY FUNDS INTEREST RATE OF INDONESIAN BANKING I Made Sudana dan Kadek Yuvita N.S. Universitas Airlangga Abstract This research aims to determine the effect of risk profile, good corporate governance, profitability, and capital to third-party fund interest rate of Indonesian banking. This research using multiple linear regression analysis to determine the effect of independent variables consisting of risk profile, Good Corporate Governance (GCG), profitability (ROA), and capital (CAR) towards dependent variable which is third-party fund interest rate. Based on the results of analysis, it could conclude that risk profile and GCG significantly applies a positive influence to third-party fund interest rate, ROA significantly applies a negative influence to third-party fund interest rate, while CAR applies a negative effect but not significant to third-party fund interest rate. Keywords: risk profile, good corporate governance, profitability, capital, interest rate PermaLink | Plain Format | Corresponding Author (I Made Sudana)

28	ABS-64	Financial Management and Accounting
GRPB Implementation in Indonesia: Historical Review and Lessons Learned Fithriyah Faculty of Economics and Business, Airlangga University Abstract This paper is a historical review and lessons learned from Indonesia experience in implementing Gender Responsive Planning and Budgeting (GRPB). National Development Planning Agency/ Bappenas has initiated the implementation of gender mainstreaming into Indonesia national development planning policies in 1999. This is very important for Indonesia, since it addresses the strategy towards reducing the inequality between men and women in development, at national and regional levels. It was started by developing Gender Analysis Pathway, the tool for conducting gender analysis in development planning and policies through four aspects: access, participation, control of resources and benefit of development; for men and women, including the special needs groups. In 2008, Bappenas has initiated the GRPB Steering Committee and Technical Teams, followed by National Strategy to Accelerate Gender Mainstreaming through GRPB, which is signed by four ministries in 2012. These attempts have successfully narrowing the gender gap in Indonesia development, nationally and regionally. Keywords: Gender Budgeting, Governance, Gender Equality PermaLink | Plain Format | Corresponding Author (Fithriyah -)

29	ABS-320	Financial Management and Accounting
EFFECT OF THE RETURN ON INVESTMENT TOWARDS FIXED ASSETS INVESTMENT AT PT RAPIH METALINDO Novan Hidayat Yuris(a), Fuad Maulana Kurnia (b), Tjutju Yuniarsih(c) a,b)Master of Management Program, School of Postgraduate, Universitas Pendidikan Indonesia, Bandung 40154, Indonesia c) Lecturer of Management Program, School of Postgraduate, Universitas Pendidikan Indonesia, Bandung 40154, Indonesia Abstract The purpose of this research is to know what the effect of the return on investment towards fixed assets investment at PT Rapih Metalindo Bandung Period 2008-2012. This research used a method of descriptive with the approach of quantitative. The technique of collecting data done with the observation and study of literature. Sampel to be taken derived from balance sheet and report income statement period 2008-2012. The technique of using a test of normality data analysis of data, analysis of a correlation coefficient of Pearson product moment, a coefficient of determination, regression and the testing of hypotheses by using SPSS. By virtue of analysis the data indicate return on invetment having the close correlation with the fixed assets investment as much 0,915 in the prologue and very strong and return on investment funds influential positive and significantly to the fixed assets investment as much 83,7% and the rest by 16,3% influenced by another factor that is not studied here, such as cash ratio, return on equity, total assets turn over, debt to assets ratio. The equation of regression is IAT = -0,142 + 6,102.ROI. Companies should increase the volume of sales in order to boots profits and as decision-making tool in investing, especially in fixed assets investment. Keywords: Return On Investment, Fixed Assets Investment PermaLink | Plain Format | Corresponding Author (Novan Hidayat Yuris)

30	ABS-65	Financial Management and Accounting
CORPORATE GOVERNANCE MECHANISMS AND ITS PERFORMANCE Wisnu P. Setiyono Universitas Muhammadiyah Sidoarjo Abstract The purpose of this paper is to investigate the impact of internal governance structures in relation to managerial performance in Indonesian companies. In addition, we employed three proxy variables to measure internal governance structures including board, ownership, and compensation structure as independent variables. This study also used Tobinsq as a proxy of managerial performance. The study also used a sample of companies whose stocks are actively traded on the Indonesia Stock Exchange. The data used were panel data, namely, the data of cross section and time series from the period of 2006 to 2011. The sampling was simple random sampling, and the analytical techniques were logistics regression analysis. The finding generally suggest a strong effect of internal governance structure measures in this data set. First, it is found that independent commissioners are effective in monitoring managerial performance, but the impact is negative. Secondly, the small proportion of managerial ownership is also found to be important result in this analysis. A higher proportion of insider ownership leads to an decrease in managerial performance. Finally, there is strong support for the view that the provision of executive bonuses has a positive impact of managerial performance. The results suggest that granting incentive compensation to managers is an appropriate way to increase their performance. Keywords: Internal governance structures, managerial performance, Indonesia PermaLink | Plain Format | Corresponding Author (WISNU PANGGAH SETIYONO)

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