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31	ABS-68	Financial Management and Accounting
EFFECT OF CORPORATE GOVERNANCE AND BARRIERS TO ENTRY ON FINANCIAL PERFORMANCE WITH INTELLECTUAL CAPITAL AS MEDIATING VARIABLE Noorlailie Soewarno , Bambang Tjahjadi and Rara Dzikrina Istiqomah Universitas Airlangga Abstract The objective of this research is to test empirically the mediating effect on the relationship of corporate governance and barriers to entry towards financial performance with the presence of intellectual capital as mediating variable. This study was conducted with secondary data which is the financial statements of mining sector companies in the period of 2013-2015 and obtained total of 93 sample. The hypotheses of this study were analyzed using partial least square with WarpPLS 5.0 software. The results showed that corporate governance has direct significant negative influence toward financial performance. Barriers to entry also showed direct significant negative effect on financial performance. Researcher prove the role of intellectual capital as a partial mediator on the relationship of corporate governance and barriers to entry towards financial performance. Keywords: corporate governance, barriers to entry, financial performance, intellectual capital PermaLink | Plain Format | Corresponding Author (Noorlailie Soewarno)

32	ABS-69	Financial Management and Accounting
Implementation of Cooperative Principles as an Organization Culture and Effect on Financial Performance Sugiyanto Institut Manajemen Koperasi Indonesia (Ikopin) Abstract Cooperative as business entity have several objectives, that are member promotion and business efficiency, which is measured by financial performance, in average showed that financial performance is lower than the standards set by the Ministry of Cooperatives and SMEs, allegedly cooperative managers have not imple-mented yet cooperative principles in their managerial activities consistently as an organization culture. The purpose of this study is to examine the implementation of cooperative principles and the effect on cooperative financial performance. This research was conducted on 60 cooperatives sample size in West Java using quanti-tative descriptive method, and using multiple regression analysis. The results showed that cooperative princi-ples are not yet implement consistently and implementation of 7 cooperative principles partially does not ef-fect on the cooperatives financial performance, but simultaneously implementation of cooperative principles effects on the cooperative financial performance. Keywords: Cooperative Principles, Organization Culture, Financial Performance PermaLink | Plain Format | Corresponding Author (Sugiyanto -)

33	ABS-70	Financial Management and Accounting
Strategic Alternative: Family Business Sustainability Based on Ownership and Management Distribution between Generations Sugiyanto Institut Manajemen Koperasi Indonesia (Ikopin) Abstract SMEs are expected to develop into large-scale enterprises, to achieve the scale required long-term period through cross-generation, Indonesia SMEs are owned and controlled by the family especially for small sole proprietorships that will never grow up be passed down from generation to generation, but many of them to be largest and most successful business. Growth of business is very dependent on the owner of as well as founder. This study is directed to formulate strategic alternative for sustainability of family business based on distribution of ownership, management and control between generation, using quantitative research method through direct observation to approximately 60 SMEs whose age is above 10 years, the analysis tool used is descriptive quantitative analysis. The results of the study indicate to maintain SMEs sustainability, needs distribution of ownership or share and distribution of share represent of business management and control among their children and close relatives. Keywords: Business sustainability, ownership and management distribution PermaLink | Plain Format | Corresponding Author (Sugiyanto -)

34	ABS-73	Financial Management and Accounting
The Impact of Political Risk, Financial Risk and Economic Risk on Trading Volume of Islamic Stocks Exchange in Indonesia Muhammad Ubaidillah Al Mustofa, Imron Mawardi, and Tika Widiastuti Universitas Airlangga Abstract Risk is an important factor that would be considered in every investment decision. Higher risk tends to decrease the motivation of investors to put in their wealth in a stock market and vice versa. The purpose of this study is to examine the influence of political risk, financial risk and economic risk on investment decision to trade on Islamic stocks in Indonesia. Associative research methods using regression analysis and data processing on EViews will assist us to reach the goal. Islamic Sharia Stock Index, ISSI, listed in Indonesia Stock Exchange would be used to best represent the transaction of Islamic Stocks in Indonesia. Empirical results showed, partially political and economic risks negatively and significantly influenced on trade volume of ISSI. In other hand, the financial risk positively and insignificantly influenced on trade volume. While the composite risk, the compilation of three risks above, shows a significant and negative influence on the dependent variable. Few papers discussed how risks explicitly influenced the decision to invest in Islamic Stocks, especially in Indonesia. Suggestion for investors is to have the risks under control to minimize the potential loss. Keywords: Investment Decision, Islamic Stock, ISSI, Risk. PermaLink | Plain Format | Corresponding Author (Muhammad Ubaidillah Al Mustofa)

35	ABS-333	Financial Management and Accounting
Long-run Relationship and Short-run Dynamics between Composite and Islamic Index in the Capital Market of Indonesia Sylva Alif Rusmita(1), Ikram Nur Muharam(2) , Lina Nugraha Rani (3), Eko Fajar Cahyono (4) Faculty of Economics and Business, Universitas Airlangga, Surabaya(1,3,4) and Faculty of Economics and Business, Universitas Padjadjaran Bandung(2) Abstract This paper tries analysis the relationship between the Islamic and composite index. Using the VECM method, it shows that there is a co-integration among the variables JKSE and JII. Furthermore, the results show that only JII that have a significant a long-run relationship with the JKSE. In case of short-run relationship, JII do not significantly affect JKSE, while JII was significantly influenced by JKSE in lag 2 and JII in lag 1. The error correction parameters also indicate that there is an adjustment from short to long term for all variables. Otherwise, Impulse Response Function shows that the shock on JII will negatively affect JKSE; the impact will be felt for almost a year. In addition, the Variance Decomposition analysis shows that contributions from JII to JKSE tend to increase over time. The influence of JKSE to JII in the long run indicates that within a certain time the risk of Islamic and conventional shares tends to be the same. This means, that there is no significant difference between Islamic stock portfolio and conventional. This can happen because in Indonesia, between Islamic and conventional still in the same market, and similar product. Therefore, hopefully there will be a more significant difference so that investors can choose between Islamic and conventional portfolio. Keywords: JKSE, Islamic Index, Cointegration, VECM PermaLink | Plain Format | Corresponding Author (Sylva Alif Rusmita)

36	ABS-334	Financial Management and Accounting
Empirical Analysis of Non Performing Financing In The Case of Indonesian Islamic Bank Lina Nugraha Rani, Fajar Eko Cahyono, Sylva Alif Rusmita Islamic Economics Department, Faculty of Economics and Business, Universitas Airlangga Abstract Non Performing Financing is the main problem facing Syariah bank in running its operations. This study examines the specific factors of bank that affect the Non Performing Financing of Islamic banki in Indonesia period 2008-2016. The analysis technique used in this study is multiple regression (OLS) to measure the effect of variables Efficiency, Financing, Capital Adequacy Ratio and Bank Size to Non Performing Financing. The results showed that the variable Financing and Capital Adequacy Ratio is significantly affect Non Performing Financing Islamic bank. In relation to the analysis technique is panel regression, from the Haussman test results recommend that regression testing using REM (Random Effect Model). Keywords: Islamic Bank; Non Performing Financing, Bank Spesific Factors PermaLink | Plain Format | Corresponding Author (Lina Nugraha Rani)

37	ABS-335	Financial Management and Accounting
Understanding Taxpayers Attitudes towards Tax Amnesty Policy Ida Farida Adi Prawira universitas pendidikan indonesia Abstract This paper reports on a project which is designed to increase the participation of individual taxpayers on tax amnesty policy. The focus of the paper is on an Indonesian-based project which overcomes the identified barriers to offering tax amnesty policy. This research project carried out due to lack of response of taxpayers to take advantage of tax amnesty policy in Indonesia. The paper draws on the social psychology, taxpayers experience, and tax acoounting education literatures to design a connective model of taxpayers attitude towards tax amnesty policy for individual taxpayers. The project adopts an action research methodology which engages professional tax consultant, tax officers, and the university sector to deliver a how tax amnesty policy gives many benefits for taxpayers. Keywords: Individual Taxpayers attitudes; tax amnesty policy; West Java; Indonesia PermaLink | Plain Format | Corresponding Author (ida farida adi prawira)

38	ABS-336	Financial Management and Accounting
Analysis of Capital Adequacy Ratio of Sharia Financial Institute in Overcome Non Performing Financing Dewi Dwi Novianti, Novi Putri Diani Indonesia university of education Abstract Financial institutions are basically as intermediary institutions, namely as collectors and distributors of funds. The distribution of funds in the form of financing by Islamic financial institutions has the risk of not being repaid (non-current payment) by the recipients of funds or commonly referred to Non Performing Financing (NPF) in Islamic banks or referred to bad debts in conventional banks. The purpose of this study is to analyze the capital adequacy owned by Islamic banks to cover the risk of non-refundable financing that has been distributed. The capital adequacy is measured by the Capital Adequacy Ratio (CAR). The data used are the capital adequacy ratio (CAR) and the nonperforming financing (NPF) for four years. Data were analyzed by simple regression analysis using SPSS application program. Research shows that capital adequacy ratio (CAR) has a significant effect on the level of nonperforming financing (NPF). Keywords: capital adequacy ratio; non performing financing; Islamic bank PermaLink | Plain Format | Corresponding Author (Dewi Dwi Novianti)

39	ABS-82	Financial Management and Accounting
Demographic Analysis In Selection Of Investment Type Amateur Golfers In Karawang Hari Sulistiyo, Endang Mahpudin, Universitas Pendidikan Indonesia Abstract Karawang district has a rapid economic growth, this is not apart from efforts to attract investors to invest in Karawang. To know the factors that influence the decision of choosing the investment especially demography factor, hence for this research is done. The subject of this study was conducted on amateur golfers due to the golf player, performed by a group of people who are considered as a set of established people. The data in this study was obtained by distributing questionnaires to amateur golfers who played in Karawang. Sampling in this research using purposive sampling method. Data analysis technique used is by using analysis of cross tabulation and chi-square analysis. The results of this study indicate that there is an influence of demographic factors on the selection of investment types in amateur golfers in Karawang. Of the six demographic factors studied there are five factors that significantly influence the type of investment selection. These factors are gender, occupation, education, number of family members and income. But there is one factor that does not affect the selection of investment type is age Keywords: Demographic Factors, Amateur Golfers and Investment PermaLink | Plain Format | Corresponding Author (Endang Mahpudin)

40	ABS-338	Financial Management and Accounting
Determinants of Bank Business Risk According to Risk Based Approach Kurnia Haryakusuma (a*) Management Department, Faculty of Economics and Business Airlangga University Jalan Airlangga 4-6 Surabaya 60286 (email: haryakusuma.kurnia[at]gmail.com) Abstract Banks have important role on economy of Indonesia, with a fully regulated principle, Banking Sectors in Indonesia concern to keep in a good performance according to Indonesia Bank Rules No. 13/1/PBI/2011, which emphasize on risk-based approach. Therefore, this paper purposes to examine the factors that affect commercial banks business risk that listed on Indonesia Stock Exchange. Those factors consist of risk profile (credit risk, liquidity risk, and interest rate risk), good corporate governance, earnings, and capital. The sample used in this research are 26 commercial banks that listed on Indonesia Stock Exchange during research period since 2011 to 2013. This research uses multiple linear regression analysis. The result of the findings are credit risk has effect against business risk. While, liquidity risk does not have effect against business risk. Interest rate risk has effect against business risk. Good corporate governance does not have effect against business risk. Earnings has significant effect against business risk. Capital does not have effect against business risk. Hence, the implication of the research is commercial banks business risk is affected by three factors from risk-based bank rating (credit risk, interest rate risk, and earnings). Keywords: RGEC, Bank Business Risk, Bank Performance, Risk Based Approach PermaLink | Plain Format | Corresponding Author (Kurnia Haryakusuma)

41	ABS-339	Financial Management and Accounting
FAMILY OWNERSHIP AND CONTROL IN DIVIDEND AND LEVERAGE DECISION MAKING Made Gitanadya, S.E., MSM.; Prof. Dr. Sri Maemunah Soeharto; Isti Ariyani, S.M. Universitas Airlangga Abstract Keywords: family ownership, family control, dividend, leverage PermaLink | Plain Format | Corresponding Author (made gitanadya)

42	ABS-348	Financial Management and Accounting
MICROFINANCE INSTITUTIONS AND MSMEs PERFORMANCE IN THE FRAMEWORK OF POVERTY ALLEVIATION (Case Study On Impacted People Around Jatigede Reservoir, Sumedang, West Java) Sulaeman Rahman Nidar Mokhamad Anwar Layyinaturrobaniyah Yunita Romauli Nababan Departement of Management and Business Faculty of Economics and Business Universitas Padjadjaran, Bandung, Indonesia Abstract Abstract Microcredit is one of the microfinance services of Microfinance Institutions, which is believed to be an effective tool to alleviate poverty through the use of loans by establishing micro, small and medium enterprises. With the existing effort, people are expected to earn income so that they can meet their daily needs and improve their welfare. This study aims to determine the effect of microcredit and the performance of MSMEs on poverty alleviation in affected people around Jatigede Reservoir, Sumedang, West Java. Samples from this research are people affected by Jatigede dam that spread in five Sumedang sub-districts namely Jatigede, Jatinunggal, Wado, Darmaraja and Cisitu which amounts to 100 people. Data collection is done by filling out a questionnaire directly to the community. To see the effect of micro credit and MSMEs performance on poverty alleviation, this study uses PLS SEM analyst with SmartPLS version 3.0 for windows. The results of this study indicate that microcredit and the performance of MSMEs simultaneously affect the level of poverty. Partially, micro credit and MSMEs performance also have a negative and significant impact on poverty level. Keywords: Microcredit, MSMEs performance, Poverty alleviation, Micro Financial Institution PermaLink | Plain Format | Corresponding Author (Sulaeman R Nidar)

43	ABS-349	Financial Management and Accounting
The Effect of Life Cycle Stage on Leverage in Indonesian Listed Company Sulaeman Rahman Nidar *) Iis Sugianti **) Department Business and Management , Faculty of Economic and Business, Padjadjaran University Abstract ABSTRACT Capital structure policy becomes one of the important decisions for Indonesian listed company. Two main approaches used in the capital structure policy are the pecking order theory and the trade-off theory. The life cycle stage experienced by a company requires it to adjust its capital structure policy. The purpose of this study is to analyze the effect of the life cycle of the company and other factors, such as profitability, growth opportunities, liquidity, non-debt tax shield, as well as the tangibility on the companys capital structure level. This study uses secondary data and panel data regression analysis, as well as a fixed effect estimation model. The results of this study indicated that the life cycle stage has a negative effect on leverage. Profitability has a positive effect on leverage, growth opportunities have a positive effect on leverage, liquidity has a negative effect on leverage, non-debt tax shield has a negative effect on leverage and tangibility has a positive effect on leverage. Keywords: Life Cycle Stage; Capital Structure; Leverage; Profitability; Growth Opportunities; Liquidity; Non-Debt Tax Shield; Tangibility. PermaLink | Plain Format | Corresponding Author (Sulaeman R Nidar)

44	ABS-94	Financial Management and Accounting
Influences of Financial Literacy and Financial Attitude on Individual Investment Decisions. NANU HASANUH & R. ADITYA KRISTAMTOMO PUTRA UNIVERSITAS PENDIDIKAN INDONESIA (UPI) Abstract The purpose of this research was to examine the influences of Financial Literacy and Financial Attitudes on Individual Investment Decisions. The samples in this study were Street Vendors in the Rengasdengklok Traditional Market Karawang. This study using questionnaires distributed to 96 people as respondents. This study used Multiple Reggression Analysis, using SPSS IBM 22 to analyze the data. The analysis results showed that the Financial Literacy influenced on Individual Investment Decisions, while Financial Attitude did not influence on Individual Investment Decisions. The Empirical study indicated the Financial Literacy significantly influenced on the Individual Investment Decisions with a significance 0.045. Financial Attitude significantly did not influence on the Individual Investment Decisions with a significance 0.327. Simultaneously Financial Literacy and Financial Attitude did not influence on Individual Investment Decisions with a significance of 0.084 greater than 0.05. Keywords: Financial Attitudes, Financial Literacy, Individual Investment Decisions PermaLink | Plain Format | Corresponding Author (NANU HASANUH)

45	ABS-101	Financial Management and Accounting
EARNINGS MANAGEMENT AND VALUE RELEVANCE BEFORE AND AFTER IFRS CONVERGENCY Hamidah; Raysa Dyah Ayu Albertha Faculty of Economic and Bussines, Universitas Airlangga, Surabaya Abstract The IASB issued International Financial Reporting Standards (IFRS) to bridge the differences the existing standards in various countries. The application of IFRS is expected to impact the decreased earnings management and increased relevance value of information in the financial statements to improve the quality of financial statements.This research is aimed to analyze the differences between earnings management and value relevance before and after IFRS convergence in Indonesia. This research used data of all manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period of observation before IFRS (2008-2010) and after IFRS (2012-2014). Tests of this research using wilcoxon signed rank test and multiple linear regression. The result of this research shows that the application of IFRS in Indonesia can reduce earnings management but can not increase the value relevance of information. Keywords: IFRS, earnings management, value relevance, Indonesia PermaLink | Plain Format | Corresponding Author (hamidah hamidah)

46	ABS-102	Financial Management and Accounting
GOOD CORPORATE GOVERNANCE MECHANISMS AS A MODERATING VARIABLE OF IFRS ADOPTION TO EARNING MANAGEMENT: CASE IN BANKING LISTED IN INDONESIA STOCK EXCHANGE Hamidah; Annisa Rahmah Faculty of Economic and Bussines, Universitas Airlangga, Surabaya Abstract Corporate governance is a system that directs and controls the company (FCGI, 2001). By implementing corporate governance, it is expected to reduce the manipulation of financial statements by managers. The purpose of this study is to provide empirical evidence of the influence of the adoption of the International Financial Reporting Standard (IFRS) on earnings management and the Good Corporate Governance (GCG) mechanism in moderating the relationship between IFRS adoption and earnings management. This research used data of Banking companies listed on the Indonesia Stock Exchange (IDX) during 2007 to 2014 with a total of 120 companies. Hypothesis testing in this research using moderated regression analysis test. The results show that there is a decrease in the level of earnings management at the time of the adoption of IFRS in Banking companies in Indonesia. However, GCG mechanisms can not moderate the influence of IFRS adoption on earnings management. Keywords: IFRS; profit management; good corporate governance; Banking industry, Indonesia PermaLink | Plain Format | Corresponding Author (hamidah hamidah)

47	ABS-103	Financial Management and Accounting
STRENGTHENING BRAND EQUITY OF SUKABUMI TRADITIONAL CULINARY TO BECOME A NATIONAL CLASS BRAND: STUDY CASE OF MOCI PRODUCT AS SUKABUMI UNIQUE CULINARY Joko, Ratih Hurriyati Education University of Indonesia Abstract STRENGTHENING BRAND EQUITY OF SUKABUMI TRADITIONAL CULINARY TO BECOME A NATIONAL CLASS BRAND: STUDY CASE OF MOCI PRODUCT AS SUKABUMI UNIQUE CULINARY Joko1, Ratih Hurriyati2 Post graduated Students Education University of Indonesia1, Lecture Education University of Indonesia2 Email: joko68@upi.edu, rhurryati@upi.edu Management Science Department of Posgraduate School Education University of Indonesia Abstract Strategic Plan of Tourism Ministry period 2015-2019 set the traditional culinary development as one element of tourist attraction (ODTW). The policy encourage all regions in Indonesia competing to explore the attractiveness, advantages, and selling value of their region unique traditional culinary either as a reception menu or as gift by the tourists who come to visit. These developments have resulted in traditional trademarks transforming from the originally only one common name such as Mochi, Peuyeum, Sale of Banana, Bika Ambon, and so on, becoming branded and more distinguished from other producers (branding) in form of unique or different flavors, colors and packaging (differentiation). These branding and differentiation efforts for traditional entrepreneurs are not planned on the basis of marketing principles to reinforce brand identity, brand image and brand positioning through market research, in order to obtain an appropriate marketing mix strategy. Actually, the application of marketing principles is important for traditional culinary entrepreneurs to build brand equity, which in turn forms loyalty of their customers. Particularly in the Sukabumi region, one of the typical culinary is Moci, which is a round shaped rice-based flour and glutinous rice flour, generally contains green beans. Moci cake production is still produced traditionally so that its free from preservatives, causing the snack can only last at most 3 days since made. The development of the accessibility of the Sukabumi area (Bogor Sukabumi toll road), delivery services and information technology that enable online sales, those become market opportunities for traditional culinary producers, especially Moci to seriously build their brand equity, in order to access wider market share in national level. Certainly by considering the freshness and expiration of the Moci product Keywords: Traditional culinary, brand, differentiation, brand equity, market opportunity Keywords: Keywords: Traditional culinary, brand, differentiation, brand equity, market opportunity PermaLink | Plain Format | Corresponding Author (JOKO -)

48	ABS-106	Financial Management and Accounting
The Impact of Asset, Mudharabah Time Deposit and Non Performing Financing (NPF) to Profitability Islamic Banking in Indonesia Raditya Sukmana(a*), Nadhilah Junun (b) a) Faculty of Economic and Business, Airlangga University, Surabaya, East Java, Indonesia b) Faculty of Economic and Business, Airlangga University, Surabaya, East Java, Indonesia Abstract The purpose of the research is to analyze the impact of banking internal factor, such as Size, Mudharabah Time Deposit and Non Performing Financing (NPF) to Return On Asset (ROA) and Return On Equity (ROE) of Islamic Bank in Indonesia. This research adopts quantitative approach such as data stasionarity test and cointegration test. The data are obtained from Bank Indonesia which cover span from September 2003 to September 2014. The result shows Mudharabah Time Deposit and NPF affects ROA negatively. This suggest that, the banks have been successfully maintained the credit risk so as to able to get the optimum Islamic bank profitability. Keywords: Asset; Deposito Mudharabah; NPF; Profitability; ROA; ROE PermaLink | Plain Format | Corresponding Author (Raditya Sukmana)

49	ABS-365	Financial Management and Accounting
Spillover of Panel Causality Granger for Monetary Variables in Some Countries Emerging Market Didit Supriyadi; Endang Mahpudin Universitas Pendidikan Indonesia Abstract This paper aims to propose the modeling of the panel data analytic framework, in which the analytical framework can be used as a simple analysis tool in panel data modeling. With the advent of modeling proposals using this panel data, it will be able to contribute to the debate issues, especially those related to monetary economic analysis in developing countries. This paper uses data analysis over the period 2012 to 2017, for monthly data in six developing countries. With the integrated proposal model contained in this paper shows that inter-variables together are significantly related, but in one one, only Inflation variables that do not show significant numbers, the rest of the other significant variables. With the advanced test of causality, visible among the variables in the emerging market country has no causality relationship. This shows that the monetary economic situation in developing countries is not influenced by the monetary variables of developing countries as well. Keywords: Developing country, granger causality, monetary policy PermaLink | Plain Format | Corresponding Author (Didit Supriyadi)

50	ABS-110	Financial Management and Accounting
The Influence of Capital Structure, Firm Size, Firm Growth, and Profitability on Firm Value (A Emprical Study on the Primary Sector Companies Listed in Indonesian Stock Exchange) Zahra Ramdhonah, Ikin Solikin Indonesia University of Education Abstract This study aimed to examine the influence of capital structure, firm size, firm growth, and profitability on firm value. The object of the research is primary sector companies in Indonesia Stock Exchange for 7 years from 2011 until 2017. Research method used is descriptive and verificative. Population in this research is primary sector companies listed in Indonesia Stock Exchange about 62 companies. Sampling technique collection determined based on purposive sampling to obtain 43 companies. The data collection technique used is documentation study using data presented on the financial report of primary sector companies in Indonesia Stock Exchange. Data analysis technique performed by normality test, multicolinearity test, heteroscesdastisty test and autocorrelation test. The statistical analysis used is multiple linier regression analysis of panel data using Eviews 9. Based on the test result shows that there is no deviation variables from classical assumption test. The result of research shows that capital structure has a positive influence on firm value, firm size has a positive influence on firm value, firm growth has a positive influence on firm value, and profitability has a positive influence on firm value. Keywords: Capital Structure, Firm Size, Firm Growth, Profitability, Firm Value PermaLink | Plain Format | Corresponding Author (Zahra Ramdhonah)

51	ABS-366	Financial Management and Accounting
THE INFLUENCE OF CURRENT RATIO, DEBT-TO-EQUITY RATIO, INVENTORY TURNOVER, AND RETURN ON INVESTMENT ON PRICE-EARNINGS RATIO OF CEMENT INDUSTRY COMPANIES LISTED AT INDONESIA STOCK EXCHANGE Nizar Alam Hamdani; Asri Solihat; Galih Abdul Fatah Maulani Universitas Garut Abstract Keywords: Current Ratio; Debt-To-Equity Ratio; Inventory Turnover; Return On Investment PermaLink | Plain Format | Corresponding Author (Nizar Alam Hamdani)

52	ABS-111	Financial Management and Accounting
PENGARUH KEBIJAKAN PEMERINTAH MEMBANGUN SATU JUTA RUMAH PADA KINERJA KPR DAN KPA BANK-BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA SELAMA PERIODE 2015-2017 Laely Purnamasari, Nugraha Universitas Pendidikan Indonesia Abstract EFFECT OF GOVERNMENTS POLICY TO BUILD ONE MILLION HOUSES ON PERFORMANCE OF HOUSING AND APERTMENT CREDITS OF BANKS LISTED IN INDONESIA STOCK EXCHANGE DURING PERIOD 2015-2017 Laeli Purnamasari1, Nughraha2 Post graduated Students Education University of Indonesia1, Lecture Education University of Indonesia2 Email: laelyjuli74@gmail.com, nugraha@upi.edu Management Science Department of Posgraduate School Education University of Indonesia Abstract The Ministry of Public Works and Peoples Housing through the Directorate General of Housing Financing estimates that by 2025 the number of home needs in Indonesia will reach 30 million units based on the calculation of housing needs (backlog) on population growth. In 2015, the number of One Million House Development Program achievements is 700 thousand units, in 2016 reaches 805,169 units of houses and by 2017 onwards it is hoped can reach the target figure of 1 million homes per year. The main problem in the development of housing or the property sector is the availability of land and the purchasing power of various communities. Government policies related to the development of 1 million homes accompanied by ease of licensing of the land sector and subsidies such as liquidity facilities for housing finance (FLPP) that stimulate the banking sector and other financial institutions to finance the property sector. Residential segment, which is apartment and housing become the biggest contributor of national property capitalization value reaching 55,8%. The growth rate of capitalization value of residential sector reached 16.5%, from Rp 152.7 trillion in 2016 to Rp 177.9 trillion in 2017. This paper focusing on the performance of KPR and KPA during the period 2015-2017 of the Banks listed in the Indonesia Stock Exchange. Keywords: Housing backlog, 1 million houses program, housing loan liquidity facility, credit performance, property Keywords: Backlog Perumahan, Program 1 juta rumah, fasilitas likuiditas pembiayaan perumahan, kinerja kredit, properti. PermaLink | Plain Format | Corresponding Author (laely Purnamasari)

53	ABS-112	Financial Management and Accounting
Corporate Governance dan Finance Pattern Windijarto & Lila Gestanti Faculty of Economy and Business, Airlangga University, Jl. Airlangga 4-6, Surabaya 60285, Indonesia. Abstract Purpose: This research aims to analyze the effect of corporate governance on the finance pattern for non financial go public firms that listed in Indonesia Stock Exchange for 2010-2014. Methods: Linear Multiple Regression was used in this study. The dependent variable is finance pattern retained earnings and finance pattern debt. There are 21 firms used finance pattern retained earning and there are 32 firms used finance pattern debt. The independent variables are board of director share ownership, independent commisioner, board size, and blockholder. The control variable is firm characteristics that consists of firm size, tangibility, profitability, and profitability in the previous period. Result: The results of this study are board of director ownership and profitability significant positive effect on finance pattern retained earnings; blockholder and the size of the company significant negative effect on finance pattern retained earnings; independent commissioner, board size, and tangibility no significant effect on finance pattern retained earnings; firm size and tangibility significant positive effect on finance pattern debt; board size and profitability in the previous period significant negative effect on the finance pattern debt; board of director ownership, also independent commissioner, and blockholder no significant effect on the finance pattern debt. Keywords: corporate governance, finance pattern retained earnings, finance pattern debt, firm characteristics PermaLink | Plain Format | Corresponding Author (Windijarto SE.,MBA.)

54	ABS-116	Financial Management and Accounting
The Impact of Macroeconomic Variables Consisting of Inflation, Foreign Exchange Rate, Interest Rate, Foreign Direct Investment and Composite Risk on Islamic Mutual Fund in Indonesia Mauizhotul Hasanah, Muhammad Ubaidillah Al Mustofa, Sulistya Rusgianto, Tika Widiastuti Airlangga University Abstract The purpose of this study is to analyze the influence of macroeconomic variables consisting of Inflation, Exchange Rate, Interest Rate, Foreign Direct Investment and Risk on investment in Indonesian Islamic Mutual Fund. This study used a quantitative approach with regression analysis in E-views. The sample used for the study is the annual data of net asset value of Islamic Mutual Funds from 2005-2015. Empirical results showed that partially, Inflation, Exchange Rate, and Foreign Direct Investment have positive and significant influences on the performance of sharia mutual funds. While the Interest Rate and Risk show negative and significant influences on net asset value of sharia mutual funds. On other hand, simultaneously, all independent variables affect significant the dependent variable. Keywords: Macroeconomic, Islamic Mutual Funds, Inflation, Foreign Exchange Rate, Interest Rate, Foreign Direct Investment and Risk PermaLink | Plain Format | Corresponding Author (Mauizhotul hasanah)

55	ABS-117	Financial Management and Accounting
ANALISIS PENGARUH ANGGARAN KESEHATAN PEMERINTAH DAN BELANJA BPJS PADA KINERJA EMITEN SEKTOR FARMASI DI BURSA SAHAM INDONESIA PERIODE 2015-2017 Iwan Sugianto1, Memen Kustiawan2 Universitas Pendidikan Indonesia Abstract ANALYSIS OF THE GOVERNMENT HEALTH BUDGET AND BPJS EXPENDITURE INFLUENCE ON THE PERFORMANCE OF PHARMACY SECTOR ISSUERS IN INDONESIA STOCK EXCHANGE DURING 2015-2017 Iwan Sugianto1, Memen Kustiawan2 Post graduated Students Education University of Indonesia1, Lecture Education University of Indonesia2 Email: sugiantoiwan15@yahoo.com, memen.kustiawan@upi.edu Management Science Department of Posgraduate School Education University of Indonesia Abstract Since January 1, 2014, Indonesia has implemented the National Health Insurance Program Healthy Indonesia Card (JKN KIS), which enables every Indonesian citizen to gain access and guarantee when receiving health services. The government should provide health facilities, health workers, and drugs needed by the service users. The availability and affordability of medicines is one of the important factors that should become governments attention since the national drug consumption reaches 40 (forty) percent of overall health expenditures. Hence, in the last two years (2015-2017), government regulation related BPJS (Social Security Administration Body) for health is considered purposefully affect the current landscape of the pharmaceutical industry. Generic drugs are on the rise, while demands for ethical and branded drugs are stagnant or even declined. However, it does not mean that the OTC and ethical markets are eroded. The big echoes of the JKN program initially gave hope to the pharmaceutical industry to increase sales. The program is believed to increase drug demand. Drug demand is actually increasing and types of drugs needed are also more varied. By 2015, there are 796 items of drugs listed in the e-catalog auction. In 2016 the type of drug auctioned almost doubled up to 1,240 items. Nevertheless, based on the financial statements of pharmaceutical companies listed on the Indonesia Stock Exchange, during the period 2015-2017, the increase in drug sales actually eroded its profit margin. For example, as the largest player in the pharmaceutical sector, Kimia Farmas profit only grew 2.2 percent in 2016. In fact, in 2015 it grew 13.15 percent and in 2014 grew 9.36 percent. So, while still profitable, the growth of the profits seems to be slowing down. This phenomenon is interesting to be studied further, by analyzing the influence of government health expenditure and BPJS on pharmaceutical sector performance in Indonesia Stock Exchange period 2015-2017. Keywords: Health expenditures, BPJS, generic drugs, performance, pharmaceutical issuers. Keywords: Belanja kesehatan, BPJS, obat generik, kinerja, emiten farmasi PermaLink | Plain Format | Corresponding Author (iwan sugianto)

56	ABS-120	Financial Management and Accounting
The role of financial constraint on the relationship between working capital management and firms performance Rahmat Heru Setianto and Rinangling Hayuningdyah Universitas Airlangga Abstract This study aims to determine the relationship of inverted u-shape and the role of financial constraints on the influence of working capital management on corporate performance. The sample of this study is a manufacturing company listed on the Indonesian stock exchange period 2011-2015. The number of companies are 98 companies base on purposive sampling method. The dependent variable used is corporate performance measured using Tobins Q, the independent variable is the working capital management measured using Net Trade Cycle, and the financial constraints moderation variable is measured using dummy financial constraints classification based on cash flow, interest coverage, dividend payout, dividend payout ratio, cost of external financing, and size. In addition, the control variables used in this study are size, leverage, growth, and Return on Assets. The analysis technique used is multiple regression analysis. The result of regression analysis shows that there is an inverted u-shaped relationship and the role of financial constraints on the influence of working capital management on corporate performance. Furthermore, size, leverage, and Return on Asset have a significant positive effect on corporate performance, while growth has a negative effect on corporate performance. Keywords: working capital management; corporate performance; financial constraints PermaLink | Plain Format | Corresponding Author (Rahmat Heru Setianto)

57	ABS-122	Financial Management and Accounting
The Impact of Government Risk, Inflation, and Exchange Rate on Foreign Investment of Indonesia Imron Mawardi, Muhammad Ubaidillah Al Mustofa, Tika Widiastuti, Masrizal Universitas Airlangga Abstract Every investment decision would require consideration on macroeconomic variables. The purpose of this study is to analyze the influences of government risk, inflation, and exchange rate on foreign direct investment, FDI, in Indonesia. Associative research method using regression analysis and data processing on EViews will assist us to reach the goal. Annual data from 1988 until 2016 of inflation, USD/IDR exchange rate and risk would be the samples for the study. Empirical results showed, jointly, independent variables affect FDI significantly. On the other hand, as partial, government risk and exchange rate influenced FDI positively with significant rates. While inflation insignificantly and negatively affect the dependent variable. Rational investor would pay attention to every macroeconomic variable while undergoing the process of return capitalization. They cannot be underestimated. Keywords: Exchange Rate, FDI, Government Risk, Inflation, Investment Decision. PermaLink | Plain Format | Corresponding Author (Muhammad Ubaidillah Al Mustofa)

58	ABS-123	Financial Management and Accounting
Formulation of Regional Tax Intensification Strategies with Game Theory to Increase Financial Strength Khaira Amalia Fachrudin, Elisabeth Siahaan, Imam Faisal Pane Universitas Sumatera Utara Abstract Regional taxes levied with self assessment system may cause moral hazard problems. The people of Medan City are multi ethnic and have a slightly different behaviour comparing to people in other cities. Regional Tax and Retribution Management Agency (RTRMA) in Medan should create a new strategy for tax intensification, one of which is to reduce this problems. This study aims to make modeling of tax intensification in Medan City area by using game theory. This study uses secondary data which comprise main strategies of RTRMA in provincial capital cities in Indonesia. From the data, a model that optimizes the expected value for RTRMA and taxpayers in Medan is created. This model helps to formulate policy and strategy to increase hotel, restaurant, parking and leisure tax revenue in Medan. Keywords: tax intensification, game theory, financial strength PermaLink | Plain Format | Corresponding Author (Khaira Amalia Fachrudin)

59	ABS-136	Financial Management and Accounting
Determinants of Factor that Affect Liquidity Risk of Islamic Banks in Indonesia and Malaysia Yessi Sasmita Anggun (1) ; Dr. Amir Machmud,S.E.,M.Si (2) Universitas Pendidikan Indonesia Abstract This study aims to analyze the factors that affect liquidity risk in Islamic banks in Indonesia and Malaysia. The research used descriptive method and quantitative method. The indicators used in the measurement are Size of Banks, Return On Asset, Return On Equity, and Capital Asset Ratio. The data is the time series from 2010-2017. The data source used is secondary data from statistical reports of Sharia Banking statistics taken from the Financial Fervices Authority (OJK) and Bank Negara Malaysia (BNM). The data were then analyzed using multiple regression analysis. Size is Company Size, ROE, and CAR have significant result to liquidity risk, while ROA is not significant impact on liquidity risk. Keywords: liquidity risk, islamic bank, ROA, ROE, CAR, Size Of Firm PermaLink | Plain Format | Corresponding Author (Yessi Sasmita Anggun)

60	ABS-138	Financial Management and Accounting
Risk Management in Zakat Institution Atina Shofawati Universitas Airlangga Abstract Non profit institution, like zakat institution is one of instrument of Islamic economy instrument. Zakat is one of pillars of Islam. Zakat also one of source of Islamic public finance in Islam. Islam also can reduce the gap between the poor and the rich people. Recently zakat is categoryzed as one of Islamic social finance which is developed by IRTI-IDB. The role of zakat is very important to increase the welfare of society, so the management of zakat institution is very important to increase the accountability management of zakat. One of zakat management is risk management. This research investigates and describes the process of risk management in zakat institution. This research uses qualitatitive method based on literature review. This research describes the implementation of risk management in zakat institution in Indonesia. This result of this research will give the description about the risk management of zakat institution to increase the zakat management properly. Keywords: Zakat, Risk Management PermaLink | Plain Format | Corresponding Author (Atina Shofawati)

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