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1	Financial Management and Accounting	ABS-256
Theory of Planned Behavior and Financial Literacy to Analyze Intention in Mutual Fund Product Investment Safira Amalia Hapsari School of Business and Management, Institut Teknologi Bandung Abstract Mutual funds in Indonesia face rapid growth in terms of total asset under management (AUM), the number of products and the number of investors. The growth is supported by digital innovation which made people got easy access to information and also did mutual fund transaction by using internet. Besides that appearance of market place which offer mutual fund products make people get convenience in term of time and cost. This study aims to determine what factor that influence intention on investing in mutual fund product, by using approach from theory of planned behavior. Theory of planned behavior can be used to predict and understand factors that determine certain behavior. The theory identified that attitude, subjective norms and perceived control behavior will collectively lead to forming behavioral intention. In this study, variable that used consist of attitude, subjective norm, perceived control behavior and another variable that added to measure investment intention is level of financial literacy. The analysis technique in this study is multiple linear regression. The sampling method is using non probability sampling which involves Indonesian mutual fund investors. The result of this study indicate that in general, variable attitude had positive effect and strongest predictor on intention on invest in mutual funds product. Keywords: mutual funds, theory of planned behavior, financial literacy PermaLink | Plain Format | Corresponding Author (Safira Amalia Hapsari)

2	Financial Management and Accounting	ABS-259
Task Technology-Fit of a Village Financial System (Siskeudes) to Increase Officers’ Performance Ayatulloh Michael Musyaffi, Arinal Muna Universitas Swadaya Gunung Jati Abstract Village Financial System (Siskeudes) is a information system that assistes village governments in report-ing financial reports transparently and accountably. On the other hand, Siskeudes cannot be optimal, moreo-ver various problems found in this system such as the delay of financial reporting and error recording. One of the factors of the problems is the incompatibility of tasks in operating the application. This study aims to analyze the causes and consequences of task mismatches by using task technology-fit model. The respondents in this research are thirty village officers who used Siskeudes from eleven villages in Cirebon. This study was analyzed using questionnaires and in-depth interviews. The method of this study used Partial Least Square (PLS) using SmartPls 3.0. Moreover, the results of this study indicated that task of technology-fit model had a significance influence on Performance Impact. Villages that had tasks that are in accordance to Siskeudes operations, in this case the finance department who had a knowledge in the financial sector) had better levels of performance. However, the task characteristics do not have a significant effect on task technology-fit because task characteristic of the government are based on the regulations and the law Keywords: Performance Impat; Task Technology-Fit; Task Characteristic; Village Financial System PermaLink | Plain Format | Corresponding Author (Ayatulloh Michael Musyaffi)

3	Financial Management and Accounting	ABS-260
Self Efficacy and Acceptance of Digital Learning in Accounting students Ida Rosnidah, Ayatulloh Michael Musyaffi, Arinal Muna, Nelia Fariani Siregar Universitas Swadaya Gunung Jati Abstract Digital Learning is a learning system that uses digital learning media through digital devices so that students can learn not only in the classroom but also through computer media and smartphones. This study attempts to measure student confidence and acceptance of digital learning models that use the integration of the UTAUT model and Social Cognitive Theory. This study focuses on accounting students who use digital learning models using Google classroom in auditing, management accounting, and financial management courses. The survey was conducted using an online questionnaire distributed after the lecture has been deliv-ered. While the tool used is using the Partial Least Square (PLS) method using SmartPLS 3.0. The results of this study show a significant effect between self-efficacy and behavioral intention. The higher the confi-dence that students have towards digital learning, then they tend to continue using the media. While effort expectancy has a strong influence in making students adopt Digital Learning. The easier a person does in us-ing Digital Learning compared to traditional methods, the more students will continue to use Digital Learn-ing. Keywords: Behavioral Intention; Digital Learning; Effort Expectancy; Self-Efficacy PermaLink | Plain Format | Corresponding Author (Ayatulloh Michael Musyaffi)

4	Financial Management and Accounting	ABS-6
THE EFFECT OF FINANCIAL PERFORMANCE ON STOCK PRICES IN PT TIMAH (INDONESIA) Ari Agung Nugroho ; Nugraha ; Budi Fernando T ; Yudi Nur S Universitas Pendidikan Indonesia ; Universitas Pendidikan Indonesia ; STIA LAN Jakarta ; Universitas Pendidikan Indonesia Abstract Financial performance is a analysis to find out the condition of a company based on its annual financial statement and can be taken note of by making use of financial ratio analysis. The author use Earning per Share, Return on Assets, and Operating Profit Margin to know the financial performance. This study aimed to analyze the influence of the financial performance of the stock price on PT Timah Tbk in Indonesia Stock Exchange period 2010- 2018. Independent variables was used in this study is financial performance, consist of Return on Assets (ROA), Price Earning Ratio (PER), Operating Profit Margin (OPM) and Dividend Payout Ratio (DPR). The dependent variable is the stock price and the sample in this study consist data in PT Timah Tbk in Indonesia Stock Exchange in the study period 2010-2018. Analysis of the data used in this study is a multiple linear regression analysis (t-test and f test) were processed with SPSS. From the multiple regression models were used in this study, the results of the partial test (t test) showed that variables ROA, OPM and PER have significantly positive effect on stock prices. Whereas DPR had no significant effect on stock prices. While simultaneously (f test) showed that the ROA, PER and DPR simultaneously influence on stock prices. Keywords: Financial performance, Return on Assets (ROA), Price Earning Ratio (PER), Dividend Payout Ratio (DPR), stock price, Operating Profit Margin PermaLink | Plain Format | Corresponding Author (Ari Agung Nugroho)

5	Financial Management and Accounting	ABS-7
Comparative Analysis Of IPO Underpricing Before And After The 2008 Global Financial Crisis R. Aditya Kristamtomo Putra, Nanu Hasanuh, Nugraha Universitas Pendidikan Indonesia Universitas Singaperbangsa Karawang Abstract This study aims to determine whether there are differences in the termination of IPO Underpricing factors prior to the global financial crisis (2000-2007) and after the global financial crisis (2008-2017) in shares of companies going public on the Indonesia Stock Exchange period 2000-2017. The tests were conducted using comparative test methods (paired sample t test). Then, regression test to understand how differences in the determination of IPO Underpricing factors before and after the global financial crisis by analyzing the factors that influence the occurrence of IPO underpricing before and after the crisis. The results of different tests indicate that there are significant differences in the value of Underpricing IPO in the period before and after the global financial crisis. The average Underpricing of IPOs declined after the crisis. Based on the results of the t test, factors that significantly influence the level of Underpricing IPO before the crisis (2000-2007) are company size, EPS, market capitalization and company age. While the factors that significantly influence the level of Underpricing IPO in the aftermath of the crisis (2008-2017) are company size, ROA, offering size/stock percentage, market capitalization and company age. Based on the results of the F test, the factor of company size, EPS, ROA, DER, underwriter reputation, percentage of supply, market capitalization and age of the company simultaneously affect IPO underpricing on shares of companies going public on the Indonesia Stock Exchange period 2000-2017. Keywords: Underpricing IPO, Companies go public on the Indonesia Stock Exchange, Global financial crisis PermaLink | Plain Format | Corresponding Author (R. Aditya Kristamtomo Putra)

6	Financial Management and Accounting	ABS-272
DIVIDEND POLICY AND COMPANY VALUE ANALYSIS BASED ON DEBT POLICY AND PROFITABILITY (Empirical studies of manufacturing sector companies in the Indonesia Stock Exchange) Suparno, Endang Mahpudin Universitas Singaperbangsa Karawang Abstract This study aims to test influence the independent variables Debt Policy proxied by Debt to Equity Ratio (DER) and profitability is proxied Return On Equity (ROE) of the variable value of the company proxy Price to Book Value (PBV) with a dividend policy that proxy Dividend pa y out ratio (DPR) as moderation variable . Technical analysis uses panel data regression with a common effect, fixed effect, and random effect on registered manufacturing companies and publish financial statements on the Indonesia Stock Exchange for the period 2011-2017. The purposive sampling method and data are processed using e-views version 8.0 software. Test results Chow and Hausman test, regression model corresponding to fa c tors know the factors that influence the value of the company PBV dividend policy as moderation proxied by the DPR. The results of data processing show that debt policy (DER) has a negative effect on firm value (PBV), and profitability (ROE) has a positive effect on firm value (PBV). But the company value is simultaneously influenced by all independent variables. Furthermore, dividend policy is able to moderate the capital structure relationship (DER) and profitability (ROE) on company value (PBV). Keywords: Company Value, dividend policy, capital structure and profitability PermaLink | Plain Format | Corresponding Author (Suparno Suparno)

7	Financial Management and Accounting	ABS-24
BANK INDONESIA 7 DAY (REVERSE) REPO RATE, LEVEL OF INFLATION AND PERFORMANCE OF MONEY MARKET FUND IN INDONESIA Suryanto, Arif Rahman Faiza Asri Department of Business Administration, Universitas Padjadjaran Abstract This study aims to analyze the simultaneous and partial influence of Bank Indonesia (BI) 7 Day (Reverse) Repo Rate and inflation rate on the performance of money market mutual funds in Indonesia. The method used in this study is explanatory research with a quantitative approach. This study uses panel data regression analysis to determine the effect of BI 7 Day (Reverse) Repo Rate and inflation rate on the performance of money market mutual funds. Data is sourced from literature studies, observations, and interviews. The results of this study can be concluded that there are significant negative effects both simultaneously and partially from the BI 7 Day (Reverse) Repo Rate and the rate of inflation on the performance of money market mutual funds in Indonesia. This means that whenever there is an increase in the BI 7 Day (Reverse) Repo Rate and the inflation rate will cause a decrease in the performance of money market mutual funds in Indonesia. Keywords: BI 7 Day (Reverse); Repo Rate; inflation rate; mutual fund; money market PermaLink | Plain Format | Corresponding Author (Suryanto Suryanto)

8	Financial Management and Accounting	ABS-286
The Size of Asset of Private Company’s and it’s IPO’s Underpricing, A Study in Indonesia for Period 2010-2016. Dwi Armaya (a*), Dr Buddi Wibowo (b*) a) Graduate Student of Magister Management University of Indonesia b) Economic Lecturer of University of Indonesia Abstract This research empirically examines the influence of size of company (Assets) on IPO’s stock underpricing in Indonesia. The study was conducted on 111 data samples of private company which conduct initial public offering in 2010 - 2016. The used data is combine of time series and cross section data, so the analysis must be carried out by conducting data panel regression. The results of the research is there is no influence of size of company on underpricing. Keywords: size of company, assets and underpricing PermaLink | Plain Format | Corresponding Author (Dwi Armaya)

9	Financial Management and Accounting	ABS-287
Effects of Asset Under Management, volatility and Sharpe Ratio on the Performance of Stock Mutual Funds and Fixed-Income Funds for the Period 2013-2017 Dian Windu Pratama University of indonesia Abstract This thesis is conducted to examine the internal and external return factors of stock return mutual funds fixed income mutual funds. Foreign ownership and family concentration are considered important to be studied more deeply, considering that in previous studies both factors were rarely considered as determinants of stock returns. The sample used is stock mutual funds and fixed income mutual funds listed on the Indonesia Stock Exchange and actively traded during the January 2013 to December 2017. The number of mutual funds that meet the research criteria are 76 stock mutual funds and 99 fixed income mutual funds. The form of data used in this study is panel data. The analytical tool used is regression with the EViews 9.0 statistical program. The result, the independent variable consisting of managed funds, volatility and sharpe ratio jointly influence the dependent variable (the performance of stock mutual funds). Partially, the managed funds do not affect the performance of mutual funds, but volatility and sharpe ratio significantly influence the performance of stock mutual funds. In fixed income mutual funds, independent variables consisting of managed funds, volatility and sharpe ratio jointly influence the dependent variable (the performance of fixed income mutual funds). Partially, managed funds, volatility and sharpe ratios significantly influence the performance of fixed income mutual funds. Keywords: volatility managed funds, sharpe ratio return on stock mutual funds, return on fixed income mutual funds PermaLink | Plain Format | Corresponding Author (Dian Windu)

10	Financial Management and Accounting	ABS-291
LONG TERM RELATIONSHIP AMONG THE ASIAN’S STOCK MARKET & JAKARTA COMPOSITE INDICES ALVINATTA SANTOSO, IGNATIUS RONI SETYAWAN DEPARTMENT OF MANAGEMENT FACULTY OF ECONOMICS TARUMANAGARA UNIVERSITY) Abstract This study is aimed to examine the significance of long run relationship among the stock price indices of Asia comprising NIKKEI 225, KOSPI, HANG SENG, STI, and KLCI to JCI from 1999 to 2013. The testing method used to analyze are Johansen co integration and VECM. Furthermore, we can prove that there is significant simultaneous short run relationship among stock price indices in Asia toward JCI although it reveals only from HANG SENG and STI. Thus, we conclude that there is still the co integration among stock indices in Asia toward JCI. Keywords: stock market indices in Asia, co integration, VECM (Vector Error Correction Model, JCI PermaLink | Plain Format | Corresponding Author (Ignatius Roni Setyawan)

11	Financial Management and Accounting	ABS-296
Financial Analysis of Airlines as Air Cargo Terminal Operator: Case Study PT. Garuda Indonesia Tbk Raniyah, Dony Abdul Chalid All authors from University of Indonesia, Faculty of Economics and Business, Salemba, Jakarta, Indonesia Abstract PT. Garuda Indonesia Tbk is the only one of the airlines in Indonesia that operates as non-integrated cargo services and manages air cargo terminal service. This study aims to assess and evaluate the business model of airlines as an air cargo terminal operator. Correspondingly, in order to analyze the business model, the airline is run as an air cargo terminal operator on its own compared to if the cargo services outsourced to other parties at the terminal. The analysis will conduct by performing financial analysis and comparative study analysis. After that, scenario analysis will lead and decided the priority of air cargo business. The result is when the company decides to outsource the business to the other party is better than if they run by themselves. From the scenario analysis was that all the scenarios still better compared to if they run their business. Keywords: Air Cargo, Terminal Operator, Financial Analysis, Warehouse Revenue, Comparative Study PermaLink | Plain Format | Corresponding Author (Raniyah .)

12	Financial Management and Accounting	ABS-297
Implementation of Life Cycle Costing on Airline Industry – Case Study of Xyz Airline in Indonesia Wayan Winten Adnyano (a*), Dony Abdul Chalid (b) Universitas Indonesia Abstract The airline operating cost may vary along the operation time of the aircraft. This cost fluctuation should be taken as consideration for the decision-making process, for instance, the pricing calculation. A poor costing might distort pricing leading to a loss of business. A long-term oriented cost calculation to forecast the total cost of aircraft during the operation time is critical for the airline company. This research aims to study how the application and implementation of life-cycle cost analysis on aircraft operating lease context in the airline company, with emphasis on aircraft maintenance and disposal or redelivery cost. It uses a case study framework on an airline in Indonesia with interviews and documentation analysis as the main research method. Activity-based life-cycle costing model is found to be applicable for the company. The research presents an approach that provide a long-term oriented costing that is needed for management accounting report and management decision. Keywords: Life Cycle Costing; Airline Operating Cost PermaLink | Plain Format | Corresponding Author (Wayan Winten Adnyano)

13	Financial Management and Accounting	ABS-300
ANALYSIS OF MOTOR VEHICLE INSURANCE CLAIM RESERVE USING ROBUST CHAIN LADDER (STUDY CASE : PT. QWE) Desnu Anggara Suwardi, Yogo Purwono University of Indonesia Abstract in motor vehicle insurance business an insurer often needs to build up a reserve to ensure the company can fulfill its obligation. Chain ladder is one of the most widely used method in claim reserving. However, chain ladder method is very vulnerable to outlier. This study focused on claim reserving that resistant to outlier data by using robust chain ladder. There are two step to robustify chain ladder method. The first step is to detect outlier by using median as development factor to compute the residual, and adjust the outlying values. The second step is apply a classic chain ladder method to the adjusted data. This study show that robust chain ladder has a better result than a standard chain ladder method. Keywords: Claim Reserving; Chain Ladder; Robust Chain Ladder; Motor Vehicle Insurance; outlier PermaLink | Plain Format | Corresponding Author (Desnu Anggara Suwardi)

14	Financial Management and Accounting	ABS-306
Trickle Down Effect Analysis on the Disclosure of Corruption Model Through Forensic Auditing and Its Impact on Potential Domestic Regional Bruto and Government Financial Efficiency Deni Hamdani (1), Iqbal Alamsyah (2) a) STIE Indonesia Membangun (STIE INABA) b) Faculty of Economics, Soekarno Hatta No. 448, 40253 Bandung, Indonesia Abstract Ministries and institutions still hold the first rank in the number of corruption in Indonesia, namely 154 cases with a trend that continues to increase over the last 10 years followed by district / city governments, this is reasoned because the ministrys control range is very large with the budget authority from the very large APBN, making it very possible Overlapping provides an opportunity to commit fraud from officials or technical implementers. Corruption is not only carried out by government officials, but is carried out by employers and related parties both at the central and regional levels. One positive response to prevent the rampant acts of fraud or fraud in the public sector and / or the business world, is early detection in the form of accounting and legal inspection procedures which have recently become more popular with the name of forensic accounting and investigative audits. In simple terms, forensic accounting and investigative auditing are a combination of three or more disciplines, namely accounting, audit science, legal science and IT-based information systems science, This research is quantitative research which is often referred to as traditional methods, positivistic, scientific, and non-experimental discovery. The method used in the study is descriptive and verification, namely research that aims to provide an overview and find verification or examine the existence of empirical theories of the relationship of variables formulated in the hypothesis. Therefore, the nature of this research is "hypothesis testing", which analyzes the influence or relationship between variables based on empirical data through hypothesis testing. Keywords: Trickle Down Effect, Forensic Auditing, Panel Data Two-Stage Data Envelopment Analysis PermaLink | Plain Format | Corresponding Author (Deni Hamdani, S.E., M. Ak)

15	Financial Management and Accounting	ABS-307
Extracting Potential Regional Original Income (PAD) Through Provision of Prepaid Vehicle Tax Incentives (PKB) and Preferred Numbers Kasir 1), Astrin Kusumawardani 2), Devyanthi Syarief 3) Indonesian College of Economics Building (STIE INABA) Bandung Abstract This study aims to examine the factors that influence economic growth and local revenue originating from the potential of motor vehicle tax both Two-Wheel (R-2) and Four-Wheel (R-4) with Analog Bond systems and special rates on police numbers selection. And to assess the potential impact of fiscal and economic growth on the welfare of the people in West Java, especially the southern region. This study takes a population of all cities / districts in the West Java region. The research method used is descriptive and verification method, and the data taken is secondary data. While the analytical tool used uses Data Panel Regression, as well as to calculate tax potential using the Hodrick and Prescott Filter (HP Filter). The results of his research show that the provision of tax incentives for motorized vehicles that are paid for in advance and special rates for police numbers have a significant effect on local revenue and economic growth. Keywords: Motor Vehicle Tax, Economic Growth, Regional Revenue Potential, Hodrick and Prescott Filter (HP Filter) PermaLink | Plain Format | Corresponding Author (Kasir SE, M.Ak)

16	Financial Management and Accounting	ABS-309
The Effect of Short Term and Long Term Macroeconomic Variable and Foreign Stock Market on Comppsite Stock Market by Using Error Correction Model within Period 2006-2016 Tiar Lina Situngkir, Isroiyatul Mubarokah Universitas Singaperbangsa Karawang Abstract Stock Market can be considered as the financial institution to get fund so stability of stock market become important to be researched including intern macro variable such as interest rate, exchange rate, consumen price index, and extern macro variable susch as DJI, STI and HSE . The objective of this research is to analys whether interest rate, exhange rate, consumen price index, Dow Jones Index, Strait Times Index and Hang Seng Index, each has a significant effect on Composite Stock Index.The methodology of analysis of this research is Error Correction Model. The result of research found that in short term interest rate has positive and significant on Composite Stock Market while in long term it has negative and no significant. Exchange rate has negative and significant in short term and long term on Composite Stock Index. In short term consumen price index has negative and no significant while in long term it has positive and significant on Composite Stock Index. In short term Dow Jones positive and no significant while in long term it has positive and significant on Composite Stock Index. In short and long term Strait Time Index has positive and significant on Composite Stock Index. In short and long term Hang Seng Index negative and no significant on Composite Stock Index. This research only covers period 2006-2016. Keywords: interest rate, exchange rate, consumen price index, DJI ,STI, HSE. PermaLink | Plain Format | Corresponding Author (Reminta Lumban Batu)

17	Financial Management and Accounting	ABS-311
BANK INCOME STRUCTURE IN INDONESIA : An Analysis Of Theory Of Structure-Conduct-Performance Dadang Agus Suryanto Student Of Doctoral Program in Management Sience School Of Postgraduates Of Unversitas Pendidikan Indonesia Abstract The experience of the global economic crisis and the era of financial technology in the business of bank financial services has encouraged banks in Indonesia to optimize non-interest income. However, as an intermediary institution, banks in Indonesia still have to run their main business, namely channeling loans to those who need them. The present study seeks to empirically examine the phenomenon of bank income in the period 2013 – 2017 using the structure-conduct-performance theory. The results of the study found that the banks’ interest income in Indonesia can be explained by the variable of loan market share, bank efficiency supported by economic growth in a positive direction. Likewise, the banks’ non-interest income in Indonesia can be explained by ownership of ATMs, bank efficiency supported by economic growth in a positive direction. The linearity of the influence of the independent variables included in the structural and behavioral aspects of the performance aspects shows that the explanation of changes in interest income and non-interest income can be explained by the structure-conduct-performance theory. Keywords: Structure of Bank Income, Interest Income, Non-Interest Income, Structure-Conduct-Performance PermaLink | Plain Format | Corresponding Author (Dadang Agus Suryanto)

18	Financial Management and Accounting	ABS-60
The Effects of Behavioral Biases on Investment Performances of Individual Investors in the Indonesian Stock Market. INSUK CHO, DONY ABDUL CHALID Universitas Indonesia, Jakarta, Indonesia Abstract This paper explores the existences of behavioral biases in the Indonesian stock market and identifies the effect of the behavioral biases on individual investment performance. We use quantitative analysis approach to verify our research purpose. To be specific, individual investors in Indonesia have behavioral biases of overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias and confirmation bias. In addition, we find that confirmation bias and mental accounting bias are positive relationship with investment performance, whereas loss-aversion bias and anchoring and adjustment bias are negative significant relationship with investment performance. Keywords: Behavioral Bias, Behavioral Finance, Investment Performace, Indonesia Stock Market PermaLink | Plain Format | Corresponding Author (INSUK CHO)

19	Financial Management and Accounting	ABS-317
Phenomenology of Tax Incentives Through Revaluation of Fixed Assets Kustiawan,Memen; Prawira, Ida Farida Adi Universitas Pendidikan Indonesia Abstract Several countries worldwide are implementing tax incentives through various policies. This study investigated implementations of tax incentives though revaluation of fixed assets in Indonesia. Using the Research and Development approach through exploration studies. This research is not designed to test hypotheses, but describes the data, facts and trends that occur, then analyzed and recommended the Fixed Assets Revaluation policy model as what must be made to improve taxpayer compliance which can then increase tax revenues. Data is obtained by interview techniques, with respondents consisting of Tax Officer, Corporate Taxpayers and Experts in the field of Asset Valuation Accounting. The results of the study aim to be used as input for the Directorate General of Taxes in making tax incentive policies in Revaluation of Fixed Assets. Keywords: tax incentive, fixed asset revaluation PermaLink | Plain Format | Corresponding Author (ida farida adi prawira)

20	Financial Management and Accounting	ABS-318
THE EFFECT OF USING THE ROLE PLAYING LEARNING METHOD ON FINANCIAL LITERATION BASED ON LEVEL OF PARENTS’ EDUCATION Azizah Fauziyah, Syti Sarah Maesaroh Universitas Pendidikan Indonesia Abstract This study aims to improve students financial literacy through role playing learning methods in early childhood education. Aside from the learning method, this study also takes students external factors, namely the level of parents education. The research method that will be used is quasi-experimental study using factorial Between-Subject design using Two Ways ANOVA. The results of the study show that 1) there are differences in financial literacy in the class that uses the method of role playing learning with classes that use conventional learning methods; 2) there are differences in the increase in financial literacy with the level of parents’ education of high, medium and low; and 3) there are interactions between the role playing distribution method, the level of parents education, and financial literacy. Keywords: Role Playing Method, Parents’ Education, Financial Literacy PermaLink | Plain Format | Corresponding Author (Azizah Fauziyah)

21	Financial Management and Accounting	ABS-63
Lecturer : Rational or Irrational ? Diana Andriani (a*) Nugraha(b) a) Departement of Industrial Engineering Universitas Komputer Indonesia, Jl. Dipati Ukur No 112-116, Bandung, *andriani_rafayzan[at]yahoo.com b) Departement of Accounting Education, Universitas Pendidikan Indonesia Jl. Dr. Setiabudi No. 229, Bandung, Indonesia Abstract This study aims to examine the relationship of cognitive bias with investment decisions on lecturers. Investment activities can sometimes cause errors or bias in the process of perceiving information relating to investment. Cognitive bias is an error in the thinking of someone who tends to be illogical in understanding something. Lecturers, as educators, must think logically and rationally in determining investment decisions. This will be tested whether lecturers are generally more rational or irrational in determining investment decisions.The sample of respondents was 70 lecturers. Data collection comes from the results of questionnaires. Multiple regression analysis is used to identify 7 cognitive biases that influence investment decisions, namely Overconfidence, Conservatism, Anchoring, Herding, Availability, Representativeness, and Mental Accounting. In addition, which bias is the most dominant effect on investment decisions. The results showed that lecturers experience cognitive bias so that it can be said, they act irrationally in determining investment decisions. The insignificant biases in investment decisions are Overconfidence and Representativeness, because these biases have a negative effect, and the dominant cognitive bias is Mental Accounting. Keywords: Behavioral Finance, Cognitive Bias, Irrational PermaLink | Plain Format | Corresponding Author (Diana Andriani)

22	Financial Management and Accounting	ABS-327
Does Institutional Ownership Moderate The Effect of Capital Structure on Bond Performance? S.Sulastri; Mayasari; Intan Barokah Universitas Pendidikan Indonesia Abstract The purpose of this research is to obtain empirical evidence about the effect of capital structure on bond performance which is moderated by institutional ownership. The sample from this research uses purposive sampling which consists of companies in the infrastructure, utilities & transportation sectors that are listed on the Indonesia Stock Exchange (IDX). This study uses MRA (Moderated Regression Analysis). Based on the results of the research concluded that the capital structure using leverage ratio as measured by the debt equity to ratio (DER) affects the performance of bonds. Meanwhile, institutional ownership strengthens the relationship of the effect of capital structure on the performance of bonds Keywords: Capital Structure, Bond PErformance, Institutional Ownership PermaLink | Plain Format | Corresponding Author (S. Sulastri)

23	Financial Management and Accounting	ABS-328
Capital Structure Policy Of Manufacturing Companies In Indonesia Mayasari; S.Sulastri Universitas Pendidikan Indonesia Abstract This study aims to analyze Trade-Off Theory and Pecking Order Theory as the basis of the capital structure policy of manufacturing companies in Indonesia as one of the countries with the dominance of banks as a source of corporate sector funding. The research method used is descriptive verification method. Verification testing is done to examine the influence of capital structure determinants which consist of liquidity, profitability, institutional ownership, tangibility, company growth, and efficiency. This study will also examine the moderating effect of firm size on the relationship of capital structure and its determinant factors. The research sample is a company in the manufacturing industry sector which is listed on the Indonesia Stock Exchange, during the period 2005-2017. Sampling uses purposive sampling technique, while the analysis technique uses panel data regression. Keywords: Banking oriented country, Capital Structure, Manufacturing Firm, Pecking Order Theory, Trade Off Theory PermaLink | Plain Format | Corresponding Author (Maya Sari)

24	Financial Management and Accounting	ABS-80
THE EFFECT OF DIVERSIFICATION ON REDUCING PORTFOLIO RISK IN INDONESIA STOCK EXCHANGE a). Yayan Cahyana, SE. MM b). Prof. Dr. Memen Kustiawan, SE., Ak., M.Si., CA c). Dr. Ikin Solikin, SE, M.Si. Ak. CA a). Universitas Pendidikan Indonesia JL. Dr. Setiabudi No. 229 Bandung 40154 yanch1966[at]upi.edu b). Universitas Pendidikan Indonesia JL. Dr. Setiabudi No. 229 Bandung 40154 memen.kustiawan[at]upi.edu c). Universitas Pendidikan Indonesia JL. Dr. Setiabudi No. 229 Bandung 40154 ikin.solikin[at]upi.edu Abstract Diversification can reduce risk, but there is no consensus on how many securities are needed to achieve maximum diversification. Studies conducted on different capital markets have produced different results. This study aims to determine the effect of diversification on portfolio risk. Specifically to determine the size of the optimal portfolio or diversified portfolio and to know the effect of the amount of assets in the portfolio on portfolio risk on the Indonesia Stock Exchange. This study uses an optimization model of variance and portfolio risk is a function of the number of shares held in the portfolio. The data used is the secondary data consisting of monthly stock returns for 10 years from January 2008 to December 2018. This study uses stocks listed on the LQ45 Index and has complete information about monthly returns. Portfolios of various sizes are formed from randomly selected LQ45 stocks. This study found that portfolio risk was reduced when the number of securities in the portfolio increased and there was a significant relationship between diversification and risk of the portfolio on the Indonesia Stock Exchange. Keywords: Diversification, portfolio, risk, return, stoc, indonesia stock exchange PermaLink | Plain Format | Corresponding Author (Yayan Cahyana)

25	Financial Management and Accounting	ABS-337
THE EFFECT OF DER, EPS, AND UNDERWRITER REPUTATION ON INITIAL RETURN WITH INTEREST RATE Lasmanah, Disman, Nugraha Universitas Pendidikan Indonesia Abstract This study aims to analyze the effect of EPS, DER and underwriter reputation on initial returns which is moderated by the interest rate on IPO issuers. Statistical data analysis is logit regression analysis. The results showed that EPS, DER, and underwriter reputation which were moderated by the interest rates had significant influenced on the initial return. On the testing of hypothesis of each variable showed that DER and underwriter reputation influenced on the initial return significantly. On the contrary, EPS and interest rate had an effect on initial returns significantly. The DER and underwriter reputation which are moderated by the interest rate (SB) indicated that the DER*SB and the reputation of the Underwriter*SB had no a significant effect on the initial return,. As for the variable EPS*SB indicated that it had a significant effect on the initial return. This means that the EPS had an effect on the initial return with the interest rate strengthening the relationship between EPS and initial return. Keywords: IPO, DER, EPS, Underwriter Reputation, Initial Return, Interest Rate PermaLink | Plain Format | Corresponding Author (Agus Rahayu)

26	Financial Management and Accounting	ABS-82
Accounting Recognition of Asset Abandonment and Site Restoration in the Upstream Oil and Gas Company Cahyanti Rena (a*), Wirjolukito Aruna (b*) University of Indonesia Abstract This research will discuss the recognition of asset abandonment and site restoration or commonly known as ARO (Asset Retirement Obligation) in the upstream oil and gas company. The purpose of this research is to be able to provide an overview of the methods that can be used by companies in calculating ARO that must be paid by the company at the end of the contract period. The formulation of the problem in this research is which method is used by the company in determining the amount of asset abandonment and site restoration or ARO that is appropriate to overcome the potential problems that arise at the end of the contract period. This research is carried out by using a mixed method in analyzing the findings, so it will find the in-depth findings which will be useful to assist the companys management in making decisions. Signal theory is a theory that will be chosen in this research. Where this research’s purpose is indeed chosen to be able to provide reliable information for decision making. This research will use three stages of analysis, such as descriptive analysis, content analysis, and constant comparative analysis in linking findings to asset abandonment and site restoration as stipulated in Indonesian GAAP 57. Based on the results of this research it found that the recognition of asset abandonment and site restoration carried out according to regulations apply. While company uses the method of calculating liabilities based on future values that is continually calculate in present value. Keywords: Contingent liabilities, provisions, liability for asset abandonment and site restoration, Indonesian GAAP 57 PermaLink | Plain Format | Corresponding Author (RENA MAYA CAHYANTI)

27	Financial Management and Accounting	ABS-339
The Passive and Active Optimal Portfolios Dwi Fitrizal Salim; Disman; Ikaputera Waspada Universitas Pendidikan Indonesia Abstract The portfolio was introduced for the first time by Markowitz in 1952, where the journals that are used as a reference for almost all researchers who research about portfolio, portofolio slection. Then the mixing from various types of stocks can be done to eliminate the similar homogeneity. If the mixing practice is done then the risk that will arise from the investment will be accumulated Sharpe (1964). This study uses EVA and MVA ratios to form active and passive portfolios in order to obtain an optimal portfolio. The samples used were 24 stocks which entered consistently in the LQ 45 for 2014-2018 period. The conclusions of this study is to support the previous research by Hendrawan and Salim (2017) which states that the active strategy gives a higher return than the passive strategy. High EVA portfolio gets the highest return of 43.75 in the passive portfolio strategy, then Low EVA gets the highest return on the active portfolio of 45.95%. Keywords: Active Portfolio,EVA, MVA, Passive Portfolio PermaLink | Plain Format | Corresponding Author (Dwi Fitrizal Salim)

28	Financial Management and Accounting	ABS-340
How Do Firm’s Specific Factors Affect Capital Structure? Empirical Study on 50 Biggest Market Capitalization of the Indonesia Stock Exchange (2013-2018) Sandra Heliola; Disman; Ikaputera Waspada Universitas Pendidikan Indonesia Abstract Capital structure decisions are much influenced by firm specific factors, whereby these factors are supported by the existing Capital Structure Theory. This study aimed to look on how firm specific factors supporting the Pecking Order Theory from the 50 Biggest Market Capitalization of the Indonesia Stock Exchange for the period 2013-2018. These specific factors chosen were Tangibility Asset, Market to Book Ratio, Size, Profitability, and Liquidity. The results suggest that tangibility asset, profitability and liquidity were having negative relationship with the leverage, whereas market to book ratio were positively related to the leverage. Size did not appear to be significantly related to leverage. The results of this study supported The Pecking Order Theory. Another finding was an R square of 0.689 showed that specific factors have 68.9% effect on the companys leverage. Keywords: Pecking Order Theory; Specific Factors of Capital Structure PermaLink | Plain Format | Corresponding Author (Dwi Fitrizal Salim)

29	Financial Management and Accounting	ABS-85
EFFECT OF ACTIVE RETURNS (ROA) AND INTELLEKTUAL (IC) MODELS ON LEVERANGE IMPLICATIONS AT STOCK PRICES (CASE STUDY IN PT BANK CENTRAL ASIA TBK 2008-2017 PERIOD Rita Satria (a), Nugraha (a), Ikin Solikin (c) a) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia ritasatria[at]upi,edu b) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia nugraha[at]upi,edu c) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia Ikin.solikin[at]upi,edu Abstract This study aims to obtain empirical evidence about the effect of Return on Assets (ROA) and Intellectual Capital (IC) Against Leverage, which is proxied by Debt to Equity Ratio (DER) which implies the Share Price of PT. Bank Central Asia, Tbk. Intervening Variables used are Debt to Equity Ratio (DER) The research conducted by the author in compiling the thesis is quantitative, namely conducting financial discussions by analyzing numerical data. The sample used in this study is a balance sheet, income statement at PT. Bank Central Asia, Tbk Period 2008-2017. This study uses descriptive analysis of statistical data, and uses the classic assumption test namely multicollinearity test, autocorrelation test, normality test, linearity test, heteroscedasticity test, and using multiple linear regression analysis, model feasibility test, namely t-test, F-test and coefficient of determination . In analyzing this research data using the Eviews 9.0 software tool. From the results of hypothesis testing ROA shows a negative and significant effect on DER. VAIC has a positive and not significant effect on DER. Simultaneously ROA and VAIC have a positive and significant effect on DER. While the results of the determination coefficient (R2) R-squared are influenced by other variables. Partially ROA shows ROA has a negative and not significant effect on Stock Prices, VAIC has a positive and not significant effect on Stock Prices, DER has a negative and significant effect on Stock Prices so that ROA, VAIC and DER have a positive and significant effect on Stock Prices at PT. Bank Central Asia, Tbk The period of 2008-2017 is influenced by other variables. Keywords: Return on Assets (ROA), Intellectual Capital (IC), Debt to Equity Ratio (DER) Implications of Stock Prices). PermaLink | Plain Format | Corresponding Author (Rita Satria)

30	Financial Management and Accounting	ABS-343
The Effect of Macroeconomics on The Performance of Commercial Banks in Indonesia Ahmad Fuad; Disman Universitas Pendidikan Indonesia Abstract This paper analyzes the effect of macroeconomic indicators, including Gross Domestic Product (GDP), inflation, Bank Indonesia interest rates (BI rates), Jakartas composite stock index, exchange rates and crude oil prices) on the performance of commercial banks in Indonesia. We use the Vector Error Correction Model (VECM) on monthly banking data from 2012-2018 and obtain several research findings. First, the impulse response function shows the greatest response to the banks efficiency performance which is proxied by the BOPO ratio due to the influence of shocks in the macro economy; The author believes the volatility of this bank efficiency indicator represents the inefficiency of commercial banks in Indonesia. Second, based on the analysis of variance decomposition, ROA and NPL provide the weakest response to macroeconomic shocks. Third, the author believe the application of Bank Indonesia interest rates as an effective monetary instrument according to result of study that Bank Indonesias interest rate shocks generally provide the biggest response from most bank performance indicators. Keywords: Gross Domestic Product (GDP), BOPO, Impulse Response Function, Vector Error Correction Model (VECM) PermaLink | Plain Format | Corresponding Author (Ahmad Fuad)

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