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31	Financial Management and Accounting	ABS-88
Analysis of macroeconomic variable shocks on the equilibrium of real effective exchange rates in Malaysia Hasdi Aimon(a), Sri Ulfa Sentosa(a), Mohammad Aliman Shahmi(a*) a.Master Of Economics, Faculty of Economic, Universitas Negeri Padang, Indonesia *msyahmi2908[at]gmail.com Abstract This study investigates the effect and equilibrium of macroeconomic variables on real effective exchange (REER) rates in short and long terms in Malaysia. This study used time series data from 1986-2017, and Johansen-Juselius and error correction model (ECM). There are two main findings in this study. First, financial development, economic openness, and inflation have a significant effect on real effective exchange rates in Malaysia. Second, in the short term, foreign direct investment (FDI) and inflation disrupt the balance of effective real exchange rates, although in the long terms the inflation will return to its equilibrium. This research is recommended to the government to increase foreign direct investment in Malaysia, because it is a major factor that influences the equilibrium of real effective exchange rates. Keywords: ECM, Malaysia, REER PermaLink | Plain Format | Corresponding Author (Mohammad Aliman Shahmi)

32	Financial Management and Accounting	ABS-90
ANALYSIS OF INDONESIAN BANKING EFFICIENCY (CASE STUDY IN THE BIGGEST BANKS IN INDONESIA) Rahmat,S.IP.,MH Universitas Pendidikan Indonesia Abstract ABSTRACT This study aims to measure the efficiency level of the largest banks in Indonesia based on bank categories, the period 2013-2017 using the Data Envelopment Analysis (DEA) method, with Win4DEAP software. The approach used in selecting inputs and outputs is an intermediation approach. Input factors used are assets, funds, and workforce expenses. The output factor used is credit or financing and income. The results of the study found that (1) the use of asset inputs, funds, and average labor costs increased. And the use of credit or financing output and income also increases on average. (2) The use of inputs and outputs of each bank from 2013-2017 using DEA generally achieves optimum efficiency, only one bank has not been fully optimized. The model used is DEA assuming Variable Return To Scale (VRS). (3) The efficiency of the scale of each bank with the DEA method is a bank that is at the stage of the radial movement and slack movment. In such circumstances, it can be interpreted that it is necessary to evaluate inputs and outputs to improve the orginal value according to the project value, so that optimal efficiency is generated. Compared with the results of the BOPO assessment in general, there is no significant difference. Keywords: Efficiency, DEA, Bank category, VRS, Input, Output. PermaLink | Plain Format | Corresponding Author (Rahmat S.IP,MH)

33	Financial Management and Accounting	ABS-346
BANK INCOME STRUCTURE IN INDONESIA: AN ANALYSIS OF THEORY OF STRUCTURE-CONDUCT-PERFORMANCE Dadang Agus Suryanto Management Science School of Postgraduates of Universitas Pendidikan Indonesia Abstract The aims of this study is to analyze empirically the phenomenon of bank income in the period 2013 – 2017 using the structure-conduct-performance theory. The method used is the panel regression model, 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)

34	Financial Management and Accounting	ABS-95
FORM AND DOCUMENT PROCESS FOR IMPLEMENTING ISO 37001:2016 ANTI BRIBE MANAGEMENT SYSTEM Rio Aurachman (a*), Rizqa Amelia Zunaidi (b), Atik Febriani (c) a) Telkom University Jalan Telekomunikasi Nomor 1, Bandung 40257 *rioaurachman[at]telkomuniversity.ac.id b) Institut Teknologi Telkom Surabaya Jl. Gayungan PTT 17-19 Kota Surabaya 60235 c) IT Telkom Purwokerto Jalan D.I. Panjaitan 128 Purwokerto Abstract ISO 37001 is an international standard for anti-bribery management system. Some research show the strengths and links of this standard compared to other standards. Several studies discuss it’s application in various fields of industry and organizations. This research tries to contribute in designing implementation of standard and generic documents that will later could be applied to every kind of organization. It will be able to assist organizations in implementing ISO 37001 quickly and precisely. Keywords: ISO 37001, Management System, Process Document, Anti-Bribe PermaLink | Plain Format | Corresponding Author (Rio Aurachman)

35	Financial Management and Accounting	ABS-110
Interaction of Liquidity Creation, Regulatory Capital, and Risk Taking at ASEAN Banks Syarief Fauzie & Paidi Hidayat Faculty of Economic and Business, University of Sumatera Utara Abstract The purpose of this study is to find out how the interaction between liquidity creation, regulatory capital, and risk-taking in the banking industry in ASEAN countries. The test in this study uses a panel vector auto-regression model to be able to see the interaction between the three variables. The research data used is quarterly data from banks listed on the stock exchange in the period 2009 - 2017. The results of the study indicate that there is a positive reciprocal relationship between regulatory capital and risk-taking. Also, the regulatory capital regulations of the previous four quarters reduced liquidity creation. The results also show that there is no interaction between liquidity creation and risk-taking. Keywords: Liquidity creation, regulatory capital, risk-taking PermaLink | Plain Format | Corresponding Author (Syarief Fauzie)

36	Financial Management and Accounting	ABS-111
Effect of Bank Efficiency on Earnings Management at ASEAN Banks Fahmi Natigor Nasution & Syarief Fauzie Faculty of Economic and Business, University of Sumatera Utara Abstract The purpose of this study is to determine the effect of bank efficiency on earnings management behavior in banks in ASEAN. Bank efficiency used in this study is cost and profit where the measurement uses the stochastic frontier analysis model. The data used in this study are banks listed on stock exchanges in ASEAN in the period 2010-2017. Panel data regression analysis is used to test the effect of cost and profit efficiency on earnings management. This study also uses control variables which consist of bank size, credit risk, liquidity risk, and financial leverage. The results of the study show that both cost efficiency and profit efficiency have a significant effect on earnings management while the control variables that have a significant effect on earnings management are credit risk and liquidity risk. Keywords: Earnings management, cost efficiency, profit efficiency PermaLink | Plain Format | Corresponding Author (Fahmi Natigor Nasution)

37	Financial Management and Accounting	ABS-112
The Impact of Financial Derivatives Markets on Economic Growth Putri Fariska (a*) Nugraha (b) Ikin Solikin (c) Mochamad Malik Akbar Rohandi (d) a) Universitas Pendidikan Indonesia Jl Dr Setiabudi No 229 Bandung40154 Indonesia *putri.fariska[at]upi.edu b) Universitas Pendidikan Indonesia Jl Dr Setiabudi No 229 Bandung40154 Indonesia nugraha[at]upi.edu c) Universitas Pendidikan Indonesia Jl Dr Setiabudi No 229 Bandung40154 Indonesia ikin.solikin[at]upi.edu d) Universitas Islam Bandung Jl Taman Sari 1 Bandung moch.malik[at]unisba.ac.id Abstract Over the past years, derivatives markets play vital role in financial system and greatly contribute to various aspects of an economic growth. A positive contribution of derivatives markets on economic growth in market economy in developing country is less evident with more recent data. This paper investigates the dynamic relationship between financial derivatives market and economic growth in Indonesia. We use a Granger-Causality test in framework of Vector Autoregression (VAR) and Impulse Response Function (IRF) through Vector Error Correction Model (VECM) to examine this casual and dynamic relation for the period of 2015Q1 to 2018Q4. Derivatives market has a significant negative effect in the long run on economic growth in Indonesia but has a positive effect in the short term. We also found that response received by economic growth due to derivatives market shock is convergence, it tends to be negatively affected and then changes to positive. The response due to shocks given will eventually disappear so that the shock does not leave a permanent effect. Keywords: derivatives market; economic growth; granger-causality test; Vector Autoregression (VAR); Impulse Response Function (IRF); Vector Error Correction Model (VECM) PermaLink | Plain Format | Corresponding Author (Putri Fariska)

38	Financial Management and Accounting	ABS-120
A Study of Target Date Fund as An Investment Instrument for Voluntary Pension Fund in Indonesia Ardhivipala Gunawijaya Fakultas Ekonomi dan Bisnis Universitas Indonesia *ardhivipala.gunawijaya[at]ui.ac.id Abstract The mandatory social security program in Indonesia, known as Sistem Jaminan Sosial Nasional (SJSN) for the retirement age: Old Age Security, known as Jaminan Hari Tua (JHT) and Pension Plan, known as Jaminan Pensiun (JP), gives around 35% to 40% income replacement ratio (IRR) based on recent published news. Meanwhile, the 2013 HSBC Global Report says that the desired household income level that people need to feel comfortable in retirement is 78%. Therefore, in Indonesia, the employee is expected to fill in the big gap of IRR to the desired level by participating in the voluntary pension program. The law (Undang-Undang) no. 11/92 regulates the voluntary pension program managed by Financial Institution Pension Fund, known as Dana Pensiun Lembaga Keuangan (DPLK). Data from OJK reports between 2015 to 2017 shows that participants of the voluntary program (DPLK) are risk-averse by putting their pension fund allocation into fixed income such as time deposit or government bonds. The return from those instruments based on the reports is around 5.8% to 6.3% per annum. This figure may seem unsatisfactory as an investment alternative to filling the gap of IRR. However, alternatives instrument for the voluntary pension fund in Indonesia are not so many as well as research that focuses on it. In the countries where their pension industry is more advanced like in the U.S., Canada, and the U.K, there is a favorite instrument for the pension funds, that is Target Date Fund (TDF). TDF means the pension fund provider (DPLK) professionally manages the pension fund by following an investment allocation path to meet the needs of pension fund participant planning to retire. The objectives of this study are to see whether TDF gives a better investment return to the voluntary pension fund participant in the case of Indonesian capital market historical situation, how is its agility in term of capital market volatility, and whether TDF is efficient. In order to answer those questions, this study used multiple hypothetical scenarios covering the accumulation period and the decumulation period; increment and fixed contribution; and hypothetical glide path of the TDF. The underlying instruments for the simulation consist of 2 investment allocation: 24-month time deposit and stock. Bank Indonesia and Jakarta Stock Exchange Index are the source of the historical data. The study uses four glide paths: the maximum stock path, the minimum stock path, the fixed allocation, and the inverse of the minimum stock path. The first two are taken from the U.S. glide paths universe. This study also used scenarios where simple volatility management and cost of funds are applied. With the result of this study, there is an expectation that the voluntary pension fund provider (DPLK) to start exploring the product development of TDF and feel confident to launch it in the Indonesian pension market. Keywords: Pension Fund; Target Date Fund; DPLK PermaLink | Plain Format | Corresponding Author (Ardhivipala Gunawijaya)

39	Financial Management and Accounting	ABS-125
Idiosyncratic Risk on Stock Performance in Indonesia Stock Exchange Andiasa Adesia (a), Bona Christanto Siahaan (b) a) MM Universitas Indonesia b) MM Universitas Indonesia Abstract In this paper we present new evidence on the relation between idiosyncratic risk and stock performance performance using Fama French three factor model. We show that idiosyncratic risk is not eliminated in excess stock returns, and show mixed result relation between excess stock return and idiosyncratic risk. We use a unique data set containing daily returns of 80 Indonesia equity of KOMPAS100 index on a 7-year period to measure stock performance. We formed portfolios based on market capitalization and book to market value. We found that idiosyncratic risk has positive relation with excess stock return specifically in portfolio of second tier size and portfolio with highest and lowest book to market value. Keywords: Idiosyncratic Risk; Fama French Three Factor Model; PermaLink | Plain Format | Corresponding Author (Andiasa Adesia)

40	Financial Management and Accounting	ABS-126
FINANCIAL PERFORMANCE OF WAQF INSTITUTIONS: EVIDENCE FROM INDONESIA Muhamad Iskandar (a*), Nugraha (b) 1. Universitas Pendidikan Indonesia Bandung, Indonesia 2. Pesantren Daarut Tauhiid Abstract This study analyzes the financial performance of waqf institutions in Indonesia related to the effectiveness of waqf financing models; the application of good corporate governance (GCG) in waqf institutions; and intellectual capital (IC) from the waqf manager. This analysis of financial performance provides an overview of the position of financial performance of waqf institutions in Indonesia which involves waqf financing models, the application of GCG and IC from various aspects. This study was using exploratory methods and content analysis with a qualitative approach to study a phenomenon in a case in a real context, and conducted in 7 (seven) waqf institutions in Indonesia. This study proposes the triple-helix concept of the financial performance of the institution consisting of productive endowment financing models, the application of GCG and IC. The concepts found can be used as a basis for researchers to carry out empirical research in the field. Keywords: waqf institution, financial performance, application of good corporate governance, intellectual capital, Indonesia PermaLink | Plain Format | Corresponding Author (MUHAMMAD ISKANDAR ISMAIL)

41	Financial Management and Accounting	ABS-132
PERAN FINTECH DALAM MENINGKATKAN KEUANGAN INKLUSIF PADA DUNIA USAHA (PENDEKATAN PADA DUNIA ENTERPRENUER) elva herlianti , nugraha , ikin solikin universitas pendidikan indonesia Jl setiabudi no 229 bandung 40154 indonesia Abstract ABSTRAK Menyikapi realisasi era digital saat ini, kualitas layanan enterprenuer di Indonesia diharapkan semakin meningkat secara signifikan, agar mampu menjangkau seluruh lapisan masyarakat, khususnya bagi masyarakat yang tinggal di daerah 3T (Terdepan, Terluar, dan Terpencil). Namun, pada kenyataannya kualitas layanan enterpreneur di Indonesia saat ini masih minim dalam mengakses masyarakat yang tinggal di daerah 3T tersebut. Mencermati berbagai realita yang telah diuraikan di atas, maka melalui analisis implementasi kebijakan teknologi finansial ini, diharapkan kualitas layanan enterprenuer semakin dapat ditingkatkan dan dirasakan oleh seluruh lapisan masyarakat Indonesia secara riil dan para pelaku bisnis dapat memahami pengelolaan fungsi manajemen dengan tepat didasarkan pada sikap takut akan Tuhan dan menghargai sesama, dalam konteks pengelolaan aset internal maupun eksternal yang mencakup aktivitas bisn secara holistik. Dengan demikian, tulisan ini bertujuan untuk menganalisis secara lebih mendalam mengenai kekuatan, kelemahan, peluang, dan ancaman implementasi teknologi finansial terhadap kualitas layanan enterpreur Indonesia di era digital melalui studi literatur fintech. Kata Kunci: teknologi finansial, layanan fintach, kualitas enterpreur ABSTRACT Responding to the realization of the current digital era, the quality of service providers in Indonesia is expected to increase significantly, in order to be able to reach all levels of society, especially for people who live in area 3T (Frontier, Outermost, and Remote). However, in reality the quality of service for entrepreneurs in Indonesia is currently still minimal in accessing people living in the 3T area. Looking at the various realities outlined above, then through an analysis of the implementation of this financial technology policy, it is expected that the quality of entrepreneurial services can be increased and felt by all layers of Indonesian society in real terms and business people can understand the management of management functions appropriately based on fear of God and respect for others, in the context of managing internal and external assets that include business activities holistically. Thus, this paper aims to analyze more deeply the strengths, weaknesses, opportunities, and threats of the implementation of financial technology towards the quality of Indonesian entrepreneurial services in the digital era through the study of fintech literature. Keywords: financial technology, fintach service, enterpreur quality Keywords: teknologi finansial, layanan fintach, kualitas enterpreur PermaLink | Plain Format | Corresponding Author (elva herlianti herlianti)

42	Financial Management and Accounting	ABS-133
Analisis Laporan Keuangan Dalam Menilai Kinerja Usaha dengan Analisis Rasio (Studi Kasus Pada PT Tempo Inti Media Tbk) Ujang Suherman(a*), Ikin Solikin(b) Universitas Pendidikan Indonesia Sekolah Pascasarjana Jalan Dr. Setiabudhi Nomor 229 Bandung 40154 http://sps.upi.edu - e-mail:pascasarjana[at]upi.edu Abstract Indikator keberhasilan kinerja perusahaan dapat di lihat dari laporan keuangan perusahaan dengan memperhatikan rasio keuangan. Oleh karena itu sangat penting untuk melakukan peneliti kondisi perusahaan melalui laporan keuangan dengan menganalisis rasio keuangan. Objek dalam penelitian ini adalah perusahaan yang sudah go public di bursa efek Indonesia. Data penelitian yang digunakan adalah laporan keuangan tahun 2017 dan tahun 2018. berdasarkan jenis data, penelitian ini menggunakan pendekatan analisis kualitatif deskriptif dengan Metode analisis yang digunakan adalah time series. Time series adalah analisis yang membandingkan kinerja perusahaan dari waktu ke waktu, sedangkan alat ukur yang digunakan dalam penelitian ini adalah rasio keuangan yang fokus kepada rasio liquiditas, rasio solvabilitas, rasio profitabilitas dan rasio activitas. Berdasarkan hasil penelitian, dan disimpulkan bahwa rasio-rasio keuangan tadi mengalami perubahan. Dari perubahan yang terjadi dapat dilihat kondisi keuangan perusahaan dalam keadaan baik atau kurang baik sehingga dapat diberikan saran yang bermanfaat untuk peningkatan usaha pada masa yang akan datang. Keywords: analisi laporan keuangan, rasio likuiditas, rasio solvabilitas, rasio profitabilitas, rasio activitas. PermaLink | Plain Format | Corresponding Author (Ujang Suherman)

43	Financial Management and Accounting	ABS-139
INFLUENCE OF INVESTMENT UNDERSTANDING, MINIMUM INVESTMENT CAPITAL, BENEFITS AND PERCEPTION OF RISKS MODERATE BY CAPITAL MARKET TRAINING AND WAGES ON STUDENT INVESTMENT INTENTION Ryan Elfahmi & Ikin Solikin Universitas Pendidikan Indonesia, Bandung, Jawa Barat, Indonesia Abstract This study aims to examine the effects of understanding investment, the existence of minimum investment capital, benefit and perceived risk on student investment intention in the capital market, with wages and capital market training used as moderate variables. The analysis technique in this study is the Moderated Regression Analysis (MRA). The sampling method is purposive sampling, with several criteria developed previously. The questionnaire is used to collect data from respondents. Respondents in this study were workers who were also students at the University of Pamulang, South Tangerang. A total of 162 respondents participated. Based on MRA analysis, understanding of investment, minimum investment funds, benefits and perceived risk influence investment intentions. Capital market training and wage as moderate variables did not show a significant effect. Keywords: Investment intention, investment understanding, minimum investment funds, risk perception, benefits, wages, capital market training PermaLink | Plain Format | Corresponding Author (Ryan Elfahmi)

44	Financial Management and Accounting	ABS-140
how working capital management and sales against to net income? Gusganda Suria Manda, Dede Jajang Suyaman, Reminta Lumban Batu Universitas Singaperbangsa Karawang Abstract The case study in this research was conducted at PT Tri Jaya Teknik Karawang with research data per semester in 2012-2016 period. The phenomenon in this company is the unstable of company profit in each semester, which causes the selling price every year, and causing debt that impact on working capital and sales volume, creating the unstable of its net profit. The purpose of this study is to determine whether the working capital and sales volume affects the net income either partially or simultaneously. This study has two independent variables, they are: Working Capital (X1) and Sales Volume (X2) and one dependent variable is Net Profit (Y). The method used in this research is quantitative method, with data analysis method using data normality test and classical assumption test. The data are using descriptive and verificative analysis. Based on the result of the research in t test (partial),means there is influence of Work Capital and Sales Volume to Net Income partially. It means simultaneously (F test) obtained significant value variable of Working Capital and Sales Volume is about 0.010 <0.05, it means simultaneously the influence of Working Capital and Sales Volume to Net Profit. The coefficient of determination test shows that Working Capital and Sales Volume have a strong influence on Net Profit that is equal to around 73,1% and the rest equal to around 26,9% influenced by the other variable outside of second variable which is studied. Keywords: Working Capital, Sales Volume, Net Income PermaLink | Plain Format | Corresponding Author (Gusganda Suria Manda)

45	Financial Management and Accounting	ABS-142
INCOME GROWTH, MANAGERIAL OWNERSHIP, COMPANY SIZE AND COMPANY EFFICIENCY ITS EFFECT ON COMPANY VALUE AND DIVIDEND POLICY Aldi Akbar & Kusnendi Universitas Pendidikan Indonesia, Bandung, West Java, Indonesia Abstract This study aims to examine the effect of variable income growth, managerial ownership, efficiency and firm size on firm value and dividend policy on companies listed on the Indonesia stock exchange in 2014 - 2018. The samples taken are companies that are members of the LQ45 stock group based on considerations (1) liquidity and market capitalization, (2) companies routinely distribute dividends annually, (3) companies come from various industries. Data is obtained from the IDX page (www.idx.co.id) and the analysis technique used in this study is path analysis. The test results show that income growth has a negative effect on firm value and also on dividend policy. While managerial ownership, firm size, and firm efficiency do not affect firm value. The size and efficiency of the company have a positive effect on dividend policy. Managerial ownership and firm value do not affect dividend policy. Keywords: dividend policy, company value, growth, managerial ownership PermaLink | Plain Format | Corresponding Author (Aldi Akbar)

46	Financial Management and Accounting	ABS-149
Does Size Matter? Indonesian Banking Efficiency measurements using two-stage Network DEA (2013-2018) Petrus Darmanto, Bona Christanto Siahaan M.T. MM-MBA Universitas Indonesia Gedung MMUI, Jl. Salemba Raya 4, Jakarta 10430 Abstract This study compares the efficiency of different groups of ownership and bank size, and investigates the productivity change during the period, pursuant to fulfilment of regulations issued in 2012 concerning “Business Activities and Office Networks Based on Bank Core Capital” and “Minimum Capital Adequacy Requirement for Commercial Banks” that ignites the change of banks’ strategy, capitals and ownership, as well as attracting M&A with more foreign investments. The measurement method of the bank efficiency adopts recently developed two-stage network data envelopment analysis model by Liang et al. (2008) to obtain intermediation and operational efficiencies to establish the overall bank efficiency. The bootstrapped truncated regression algorithm as proposed by Simar and Wilson (2007) employed to examine the exogenous factors to the efficiencies. The study employs 105 conventional banks operating in Indonesia since 2013 that suggests Indonesia banking efficiencies has been improving evidenced with improving overall efficiency scores and the gap efficiencies between intermediary and operating functions narrowed during the observed period (2013-2018). Keywords: bank efficiency, two-stage network DEA, Data Envelopment Analysis, Indonesia, PermaLink | Plain Format | Corresponding Author (Petrus Bayu Darmanto)

47	Financial Management and Accounting	ABS-151
The Development of Option Market and The Role of Indonesia Financial Service Authority (OJK) in Indonesia Capital Market period 2004-2019 Tinjung Desy Nursanti (a), Kusnendi (b), Ikin Solikin (c), Nugraha (d) Universitas Pendidikan Indonesia Abstract The purpose of this paper is to describe several things related to the notion of options, stock options, transaction mechanisms, applicable legislation based on the study of literature, the previous research, and various information from financial sites that related to the topic mentioned above. Therefore, the research questions that needs to be answered are as follows: 1. What are the developments in options markets in Indonesia? 2. What is the role of the Financial Services Authority (OJK) in developing options trading transactions related to the legal aspect in Indonesia Stock Exchange or capital market? Meanwhile, option is basically a contract between two parties that contains the right for the option buyer to buy or sell the underlying asset of the contract at the certain time and price agreed upon at the beginning of the contract. The discussion will be emphasized on the development of derivative transactions and the role of Financial Services Authority (OJK) in increasing the number of derivative transactions in Indonesia period 2004-2019 regarding the change of legal aspect. Keywords: option market, Financial Service Authority, legal aspect, capital market PermaLink | Plain Format | Corresponding Author (Tinjung Desy Nursanti)

48	Financial Management and Accounting	ABS-153
Top Management Diversity and Risk-Taking Behavior Yosua Samuel Ramli and Ancella Anitawati Hermawan Magister Manajemen Fakultas Ekonomi dan Bisnis Universitas Indonesia Abstract Risk-taking behavior is one of important thing in running the company. Risk-taking behavior is needed especially when the company faces difficult situation. However, excessive risk-taking behavior may negatively affect the company. Risk-taking behavior is based on risk preference which differs among companies as well as individuals. At management level, diversity may be one of important factor affects risk-taking behavior. Previous literature review studied about diversity in management such as diversity in gender, age, education, experience, etc shows inconsistent results towards risk-taking behavior. Based on inconsistency of previous researches, author is interested to analyze the association between top management diversity as decision maker in the company to risk taking behavior. This research is conducted to obtain empirical evidence whether top management diversity is associated with risk-taking behavior. This research uses regression on panel data from 333 Indonesian listed non-financial companies for 3 years period from 2015 to 2017. Dependent variable of this research is risk-taking behavior. Independent variables of this research are top management diversity in gender, age, nationality, education background, and experience. Control variables of this research are company size, profitability, and growth. The result of this research shows that top management diversity in gender, age, nationality, education background, and experience are not significantly associated with risk-taking behavior. However, company characteristic such as size, profitability, and growth are significantly associated with risk-taking behavior. Keywords: Risk-taking behavior, management diversity, management characteristic, company characteristic. PermaLink | Plain Format | Corresponding Author (Yosua Samuel Ramli)

49	Financial Management and Accounting	ABS-159
Stock Returns of Politically Connected Firms and Politically Unconnected Firms in Indonesia Wilman San Marino (a*), Nugraha (b) (a) Universitas Pendidikan Indonesia Jl. Dr Setiabudi No 229 40154 Indonesia *wilmansanmarino[at]upi.edu (b) Universitas Pendidikan Indonesia Jl. Dr Setiabudi No 229 40154 Indonesia nugraha[at]upi.edu Abstract Since the democratic reform era in Indonesia, many entrepreneurs have entered the world of practical politics. Entrepreneurs occupy various strategic positions in party management and even occupy positions in both the legislative and executive branches in Indonesia, so that firms emerge with political connections. This study aims to determine the factors that influence the stock return of politically connected firms and politically not connected firms in Indonesia after the reform era. The research method is explanatory research methods and using the Fama and French five-factor pricing model. The data used are secondary data originating from listed firms on the Indonesia Stock Exchange in a period of 20 years, starting from 1998 to 2018. The results of the study show that the stock returns politically connected firms are significantly affected by market risk, profitability and investment while stock returns politically unconnected firms are significantly influenced by size, value factor, profitability, investment. Keywords: politically connected firm, stock return, Fama-French five-factor model PermaLink | Plain Format | Corresponding Author (Wilman San Marino)

50	Financial Management and Accounting	ABS-170
TO WHAT EXTENT THE SUPPORT OF GOVERNMENT FOR AGRICULTURE? AN EMPIRICAL STUDY OF POTATO FARMS Eliana Wulandari, Ernah, Hepi Hapsari Faculty of Agriculture, Universitas Padjadjaran Abstract Finance plays important role in managing agriculture. Farmers in Indonesia can access finance from different sources of finance including finance from government distributed through farmers’ associations. The objective of this research was to explore the support of government in agricultural production in Indonesia, particularly in potato farms in Garut District as one of the centers of potato production in West Java. The data were collected from the agricultural office of Garut District and publication related to potato. The data were analyzed using descriptive statistics. The results show that, to support agricultural production in Garut District, the Indonesian government has provided the program of Rural Agribusiness Development and in-kind finance such as seeds, fertilizer and agricultural equipment. Keywords: Potato, finance, government, Garut PermaLink | Plain Format | Corresponding Author (Eliana Wulandari)

51	Financial Management and Accounting	ABS-180
Evidence from Indonesia for Spillover among Macroeconomics Variables in Emerging Markets Endang Mahpudin, Suhono, Nursito Universitas Singaperbangsa Karawang Abstract This study aims to investigate forecasting using the graph method available in statistical assisted software, with the initial basis of multiple regression modeling. This study uses data from 5 of the 7 developing market economies, in addition to Russia and Mexico. The author considers that the 5 countries that are incorporated into emerging market 7 are closely integrated with other countries, especially against other emerging market countries. By capitalizing on market size and integration between countries, the authors empirically estimate the spillovers of this study, using the graph forecasting model to provide additional input and information re-lating to monetary macroeconomics in emerging market countries. The variables used in this study include the money supply in 5 emerging market countries, the inflation rate in the country, the composite stock price index in 5 countries, and the interest rate and expected return in 5 emerging market countries. [19] Keywords: Developing countries, macroeconomics, integration. PermaLink | Plain Format | Corresponding Author (Endang Mahpudin)

52	Financial Management and Accounting	ABS-183
DETECTING OF BOND DEFAULTS INDICATIONS USING SHENANIGANS INDICATORS AND FINANCIAL STATEMENT ANALYSIS Arya Wedha Rieantiari (a), Ancella Anitawati Hermawan (b) a) Magister Akuntansi, Faculty of Economic and Business, Universitas Indonesia raryawedha[at]gmail.com b) Faculty of Economic and Business, Universitas Indonesia ancella.anitawati[at]ui.ac.id Abstract This study aims to detect indications of bond defaults by conducting a thorough analysis from published financial statement. Published financial statement of the firm have roles to give value added information for investors and creditors in making investment decision. Those roles can be failed when management do creative accounting to mislead users of the financial statement. PT Trikomsel Oke, Tbk (TRIO)s financial statements show that the companys revenue and profits increased during 2009-2014. However, the Indonesia rating agency (PEFINDO) declared default on both bonds issued by TRIO in November 2015, even though the signal TRIO gave to its financial statements was an unqualified opinion from one of the big four Public Accountants (KAP) for six consecutive years, and got PEFINDOs investment grade. The financial statement is analyzed with financial ratio and financial shenanigans indicators. Evidences show that there are some red flags of creative accounting and shenanigans action before the bonds declared a default in 2015. The profitability ratio that is not in line with cash flow from operation is the main concern of shenanigans indicators and also the highlight from all respondents. This result suggests investors and creditors to be more vigilant in analyzing the published annual report Keywords: shenanigan indicators; financial statement analysis; bond defaults. PermaLink | Plain Format | Corresponding Author (Arya Wedha Rieantiari)

53	Financial Management and Accounting	ABS-184
Application of the Multiperiod Mean-Variance Method for Pension Fund Asset Allocation Rudy Irawan & Bona C. Siahaan University of Indonesia Abstract The mean-variance method introduced by Markowitz is considered as the fundamental basis of portfolio theory but the method introduced by Markowitz is only used for single periods while in reality Pension Fund institutions must carry out multi-period investment activities. Looking at the limitations of the mean-variance method introduced by Markowitz, research on portfolio optimization for multiperiods known as multiperiod mean-variance emerged. Based on these conditions, this study discusses about the application of the mean-variance multiperiod method carried out by Yao, Lai, Ma & Jian (2014) which considered mortality risk and changes in contributions. In this study using 4 scenarios using assets included in the LQ45 index as risk assets and T-Bill 3 months as risk-free assets during the 2014-2018 period. The results of this study indicate that the smallest return is owned by the asset allocation model without contributions (scenario 2) because there is no additional membership fee, so the amount of funds that can be invested is more limited so the expected wealth terminal is smaller than other asset allocation models. Then the asset allocation model without mortality (scenario 3) provides the highest expected terminal wealth compared to other asset allocation models, this is because in the absence of mortality factors the Pension Fund investment will not be forced to stop before the retirement period ends so that the portfolio return is higher than other models. While the asset allocation model using risk free asset references (scenario 4) has a higher risk with the same return when compared to asset allocation using reference to risk assets (scenario 3) this shows that the asset reference used affects the return and risk in allocation of Pension Fund assets at the end of the investment period. Keywords: pension funds, asset allocation, portfolio, mean variance, multiperiod, mortality PermaLink | Plain Format | Corresponding Author (RUDY IRAWAN)

54	Financial Management and Accounting	ABS-187
Caps and Floor Limits on Premium Periodic Unit-Linked Insurance with Minimum Guarantee Putu Febani Wisanta, Bona Christanto Siahaan Universitas of Indonesia Abstract Unit-linked endowment insurance with a minimum guarantee not only provides life protection to customers until the end of the insurance contract period but also provides investment protection, especially stock investments that have high returns and high investment risks, so call options are needed to protect investments. This study discusses the calculation of premiums along with the caps and floor limits of premiums on unit-linked endowment insurance products with minimum guarantees using Monte Carlo simulations with stochastic and continuous model and numerical methods. unit linked insurance with stock investment and mortality tables in this study shows that in addition to gender, the initial age of the customer has a policy, insurance contract and amount minimum guarantee, the caps and floor limits of the premium are influenced by the proportion of investment from the premium. The interval between the caps and floor limits of the premium is wider if the investment proportion of the premium is small, so the insurance company can use the caps limits of the premium. Keywords: unit-linked endowment insurance, minimum guarantee, caps and floor limits on premium PermaLink | Plain Format | Corresponding Author (Putu Febani Wisanta)

55	Financial Management and Accounting	ABS-189
ANALYSIS OF FACTORS AFFECTING BOND RATINGS IN BANKING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2016-2018 Ayla Danuwidjaja Universitas Pendidikan Indonesia Abstract The bond rating is one that investors should consider before investing in bonds. This is because the bond ratings provide a statement that provides the companys information so that investors avoid the risks of bonds. Therefore, it is necessary to re-examine the factors affecting the rating of bonds. The population of this study is a banking company listed on the Indonesia Stock Exchange (BEI) and listed in the rating of bonds issued by PT Pefindo from 2016-2018. The study population numbered 72 companies, then selected by purposive sampling method, to obtain the sample amounted to 9 companies. The data used is secondary data obtained from the Indonesian Stock Exchange (BEI) and PT PEFINDO, while data analysis using multiple regression analysis. Keywords: Investments, Bonds, Bond Rating, Leverage, Profitability, Liquidity, Company Size, Age Bonds PermaLink | Plain Format | Corresponding Author (Ayla Danuwidjaja)

56	Financial Management and Accounting	ABS-191
The Effect of Managerial Ability on Earnings Management: Evidence from Indonesia Taufan Bahtera, Ancella Anitawati Hermawan Department of Accounting, Universitas Indonesia, UI Campus, 16424, Depok, Indonesia Abstract This study aims to investigate how the ability of the managers affect their tendency to perform earnings management on public companies in Indonesia. We measure managerial ability using efficiency model with Data Envelopment Analysis. Using 1332 observations, this study finds that managerial ability positively affects earnings management. We also find that the earnings management does not contribute to company’s market-based performance on the subsequent year. To an extent, this shows that even though skillful managers use their skills to manage the company’s earnings with accrual management, the effort is merely just a noise for the market-based value of the company. Keywords: Managerial Ability, DEA, Earnings Management PermaLink | Plain Format | Corresponding Author (Taufan Bahtera)

57	Financial Management and Accounting	ABS-193
MODEL OF FINANCIAL REPORT QUALITY (A Empirical Study of Financial Report Statement in West java Province) Winna Roswinna(a), Deden Komar Priatna(a*) a) Universitas Winaya Mukti a*) Universitas Winaya Mukti Abstract The purpose of this research is to know and analyze the influence of effectivity of trucks and internal control the commitment of the organization as the application of an accounting system, and accountability jointly on the quality of government financial report in West java. Methods used in this research is descriptive method and survey eksplanatori .A unit of analysis in this research is the government in West java province with a unit of observation SKPD officials, with the sample size of 370 people SKPD officials .Analysis method used is descriptive analysis and analysis of structural equation model (SEM). Research findings is to improve the quality of a financial statement that dominant financial report formed by dimensions can be compared to the reports on the previous period financial report financial or other entities reporting in general (Y7), we must be increased accountability a financial statement that dominant formed by responsibility dimensions presentation of a financial statement that aims to (Y1) public. Accountability can increase if the application of financial report accounting system formed by the application of the dominant dimensions presentation of financial statements (X13) used in an imprecise manner . The managerial implications of the research is implementing effectivity an internal control, commitment organization, and the application of an accounting system in together can to promote accountability government financial report in the province west java with the contribution of impact by 45 % .Implementing effectivity an internal control, commitment organization, the application of an accounting system and accountability financial reports in together can meninkatkan the quality of government financial report in the province west java with the contribution of impact by 75 % Keywords: Implementing internal control effectivity, organizational commitment, acconting application system, financial accountability report, financial reports quality PermaLink | Plain Format | Corresponding Author (Deden Komar Priatna)

58	Financial Management and Accounting	ABS-196
The Effects of Attitude, Subjective Norm, and Perceived Behavioral Control on Indonesians’ Intention to Adopt Mobile Banking Sherly Rosalina Tanoto (a*), Chinthya Olivia Samara (b) a) Business Management Program, Universitas Kristen Petra Jl. Siwalankerto No.121-131, Siwalankerto, Kec. Wonocolo, Kota SBY, Jawa Timur 60236 * sherlytanoto[at]petra.ac.id b) Business Management Program, Universitas Kristen Petra Jl. Siwalankerto No.121-131, Siwalankerto, Kec. Wonocolo, Kota SBY, Jawa Timur 60236 Abstract Despite the increased growth of e-commerce in Indonesia, the adoption rate of mobile banking is quite modest. Past studies on intention to adopt mobile banking tend to focus on only one bank provider. To fill this research gap, the purpose of this study is to examine Indonesians’ intention to adopt mobile banking by using theories of planned behavior (TPB) across four major bank providers. The methodology of the research was quantitative and data was collected through an online questionnaire of 403 Indonesians. Multiple regression method was implemented to analyze data. Findings of this study showed that attitude and perceived behavioral control significantly influence Indonesians’ intention to adopt mobile banking whilst subjective norm did not significantly influence their intention to adopt mobile banking. The outcomes of this study would be beneficial for bank management to conceive strategies and policies regarding mobile banking in Indonesia. Keywords: Theory of planned behavior, mobile banking PermaLink | Plain Format | Corresponding Author (Sherly Rosalina Tanoto)

59	Financial Management and Accounting	ABS-198
What Factors are Considered Influence the Accounting Information Systems Annisa Fitri Anggraeni (a), Maria Lusiana Yulianti (b*) a) Politeknik LP3I Bandung. Indonesia b*) Universitas Winaya Mukti Bandung. Indonesia Abstract A good decision-making process is supported by accounting information quality that produced by a Accounting Information Systems quality. Information technology and Organizational Structure are considered as factors that whether Quality Accounting Information Systems or not. This study sought to examine empirically the quality of Accounting Information Systems. Furthermore, this study examined the relationship of Information Technology in the quality of Accounting Information Systems and Organizational Structure in Accounting Information Systems quality. We used PLS-structural equation modelling analysis to examine 78 responses from accounting and finance unit on 28 u in Bandung City, West Java Province, Indonesia. Result indicated significant relationship between the overall influence of Accounting Information Systems quality. Accounting Information Systems quality had positive and significant influence with Information Technology and Organizational Structure. Therefore, many universities in Bandung City, West Java Province, Indonesia must repaired Information Technology and Organizational Structure to improve Accounting Information Systems Quality. Keywords: Information Technology, Organizational Structure, Accounting Information Systems Quality PermaLink | Plain Format | Corresponding Author (Maria Lusiana Yulianti)

60	Financial Management and Accounting	ABS-200
Micro Credit Agreement Between Individual Customers and Business Entities with Banking Institutions in the Legal Perspective of Business Contract Design Dewi Anggraeni(a), Agung Edi Suyono(a), Nandan Limakrisna(b*), Herlisianne Suyanto (a) a) Universitas Pamulang, Banten Indonesia b*) Univeristas Persada Indonesia YAI. Jakarta and Universitas Winaya Mukti, Bandung. Abstract As a business entity that plays a vital role in maintaining sustainability in funding as well as raising funds from and by the community, the role of banks, both red plate banks, national private banks and foreign private banks operating in Indonesia cannot be underestimated. The existence of the banking world is an absolute prerequisite for the growth of the economy of a country. Various regulations and legal umbrella that can update the development of the banking world become a necessity. Selectively in giving micro credit approval to customers, both entities or individuals engaged in MSMEs, the key to the banking world is to avoid the risk of bad debt and also the existence of immovable asset guarantees. crucial in dismissing all the adverse effects that will occur when a default occurs. Keywords: micro credit, banking institutions PermaLink | Plain Format | Corresponding Author (Nandan Limakrisna)

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