International Journal of Finance Banking Studies最新文献

Indonesian Purchasing Decisions Through E-Impulse Buying 通过电子冲动购买的印尼购买决策

International Journal of Finance Banking Studies Pub Date : 2023-10-07 DOI: 10.20525/ijfbs.v12i3.2890

None Rediyono

引用次数: 0

Barrier options pricing under stochastic volatility using Monte Carlo simulation 基于蒙特卡罗模拟的随机波动下的障碍期权定价

International Journal of Finance Banking Studies Pub Date : 2023-10-06 DOI: 10.20525/ijfbs.v12i3.2851

Yacin Jerbi, Rania Bouzid

引用次数: 0

The New Role of Banks in Modern Society 银行在现代社会中的新角色

International Journal of Finance Banking Studies Pub Date : 2023-09-23 DOI: 10.20525/ijfbs.v12i3.2863

Alexey Brudno, Vladimir Arlazarov

引用次数: 0

Investment Feasibility in the Framework of Implementation Cooperation in the Utilization of Regional Property 区域资产利用实施合作框架下的投资可行性研究

International Journal of Finance Banking Studies Pub Date : 2023-09-21 DOI: 10.20525/ijfbs.v12i3.2866

Lorasitaniajeng Sukamdani, Gaguk Apriyanto, Moh. Burhan

{"title":"Investment Feasibility in the Framework of Implementation Cooperation in the Utilization of Regional Property","authors":"Lorasitaniajeng Sukamdani, Gaguk Apriyanto, Moh. Burhan","doi":"10.20525/ijfbs.v12i3.2866","DOIUrl":"https://doi.org/10.20525/ijfbs.v12i3.2866","url":null,"abstract":"This study aims to analyze the feasibility of investment in the framework of implementing cooperation in the utilization of assets or goods owned by the local government using descriptive semi-qualitative methods. In conducting the analysis, researchers used the investment feasibility approach is the Net Present Value (NPV) method to measure the present value of the expected net cash flow of a project, Internal Rate of Return (IRR) is the discount rate that makes the NPV of the project zero, Profitability Index (PI) to measure the relationship between the present value of net cash flow and initial investment and Payback Period (PP) is the period of time required to recover the initial investment from net cash flow. In addition, in order to develop tourism potential, researchers use the Segmenting Targeting Positioning (STP) strategy, which is an approach used by companies to understand their markets better and develop effective marketing strategies. The results prove that the cooperation plan for the utilization of assets or goods owned by the local government with partners as investors is feasible because it produces additional net cash flow during the project with a positive present value, and the rate of return on the net value of cash flow during the project is greater than the BI Rate and the benefits received from tourism development are more profitable than the costs incurred during the project. In addition, the time span required for payback is shorter than the project period. As an effort to increase tourism revenue and visitors, the Segmenting Targeting Positioning strategy is used.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136130525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Comprehensive Analysis of Indonesian Retail Stocks Valuation in 2023 2023年印尼零售股估值综合分析

International Journal of Finance Banking Studies Pub Date : 2023-09-20 DOI: 10.20525/ijfbs.v12i3.2843

Agus Sunandar, None Dwi Fitrizal Salim

{"title":"Comprehensive Analysis of Indonesian Retail Stocks Valuation in 2023","authors":"Agus Sunandar, None Dwi Fitrizal Salim","doi":"10.20525/ijfbs.v12i3.2843","DOIUrl":"https://doi.org/10.20525/ijfbs.v12i3.2843","url":null,"abstract":"Modern retail businesses in Indonesia are growing rapidly thanks to open market opportunities, manufacturing businesses that support product supply, and government support for economic growth through retail development. The purpose of this study is to determine the intrinsic value of shares of companies engaged in the food and staples retail sub-sector which in this case is represented by PT. Sumber Alfaria Trijaya, Tbk. (AMRT), PT. Diamond Food Indonesia, Tbk. (DMND), PT. Midi Utama Indonesia, Tbk. (MIDI), PT. Enseval Putera Megatrading, Tbk. (EPMT), and PT. Millenium Pharmacon Internatioanl, Tbk. (SDPC) listed on the Indonesia Stock Exchange (IDX). This research uses historical data for 2018-2022 which will be used as the basis for projections for 2023-2027. The results showed that by using the Discounted Cash Flow (DCF) method, specifically the Free Cash Flow to Firm (FCFF) approach, under an optimistic scenario, the intrinsic values of AMRT, SDPC, and DMND were undervalued. EPMT and MIDI stocks are overvalued. In the moderate scenario, the intrinsic values of AMRT, MIDI, EPMT, and DMND are overvalued, while SDPC is undervalued. Calculations on a pessimistic scenario, all companies studied are overvalued. In this study, the valuation of stocks was also conducted using the Relative Valuation (RV) method with the Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. In an optimistic scenario, the stocks of AMRT, MIDI, and SDPC are considered expensive, while EPMT and DMND are seen cheap. In a moderat scenario, the stocks AMRT, EPMT, and SDPC are considered undervalued, while MIDI and DMND are seen expensive. In a pessimistic scenario, it is observed that AMRT, EPMT, and SDPC are undervalued, whereas MIDI and DMND are considered overvalued. This research aims to provide an objective assessment of the company, which investors can use to consider investments and by companies to enhance corporate value.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136307307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Fair Value Assessment for Industrial Goods Stocks in Indonesia Post-Pandemic 流行病后印度尼西亚工业产品股票的公允价值评估

International Journal of Finance Banking Studies Pub Date : 2023-09-18 DOI: 10.20525/ijfbs.v12i2.2838

Arif Rachman, Dwi Fitrizal Salim

{"title":"Fair Value Assessment for Industrial Goods Stocks in Indonesia Post-Pandemic","authors":"Arif Rachman, Dwi Fitrizal Salim","doi":"10.20525/ijfbs.v12i2.2838","DOIUrl":"https://doi.org/10.20525/ijfbs.v12i2.2838","url":null,"abstract":"Many industrial sectors were severely affected during the pandemic, which lasted from 2020 to 2021. Such indicators can be observed in various companies implementing efficiency measures ranging from cost reduction unrelated to revenue growth to layoff policies. Despite being under pressure due to the pandemic, many industrial subsectors experienced significant growth in the second quarter of 2021, according to statistics from the Ministry of Industry. This study aims to determine the fair value of shares in Industrial Goods companies listed on the Indonesia Stock Exchange. This approach uses a discounted cash flow (DCF) methodology with free cash flow to the company and relative valuation through price-to-earnings and price-to-book ratios. From 2017 to 2021, historical financial data was utilized to forecast future income and expenditure behavior in three scenarios: optimistic, moderate, and pessimistic. The results showed that the DCF-FCFF technique underestimated IMPC, ARNA, and UNTR. MARK is overvalued in pessimistic, moderate, and optimistic scenarios, while MARK is undervalued in optimistic scenarios. HEXA is overvalued in the pessimistic scenario but undervalued in the moderate and optimistic scenario. ARNA and UNTR were overvalued in all relative assessment scenarios using the PER approach, but MARK and HEXA were undervalued. IMPC is undervalued in a gloomy scenario and overpriced in a moderate and optimistic scenario. In all cases, the PBV method overestimates IMPC, ARNA, MARK, HEXA, and UNTR. The study implies that investors should conduct thorough due diligence before making investment decisions, considering company-specific factors and broader market conditions. Companies in the Industrial Goods sector must be ready to adapt to changing market dynamics and prioritize long-term value creation to attract and maintain investor confidence.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135206101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Impact of Shareholders, Intellectual Capital, Auditor Reputation, and Liabilities Level on Tax Evasion in Indonesian Manufacturing Companies 股东、智力资本、审计师声誉和负债水平对印尼制造业企业逃税的影响

International Journal of Finance Banking Studies Pub Date : 2023-09-13 DOI: 10.20525/ijfbs.v12i2.2771

Surifah Surifah

{"title":"The Impact of Shareholders, Intellectual Capital, Auditor Reputation, and Liabilities Level on Tax Evasion in Indonesian Manufacturing Companies","authors":"Surifah Surifah","doi":"10.20525/ijfbs.v12i2.2771","DOIUrl":"https://doi.org/10.20525/ijfbs.v12i2.2771","url":null,"abstract":"This research aims to contribute to solving the problem of tax evasion, by examine the impact of shareholders, intellectual capital, auditor reputation, and level of liabilities on tax evasion. The population is taken from manufacturing companies operating in consumer goods from 2017 to 2021 at IDX (Indonesia). The sample was selected using purposive sampling method. The dependent variable of this research is tax evasion. The independent variables are: type of shareholders, intellectual capital, auditor reputation and level of liabilities. The data analysis technique uses multiple linear regression, and it is processed using statistical software. The results found that domestic private shareholder, foreign private, the government, and individuals’ share holder have a significant negative impact on the Earnings Tax Ratio (ETR), which is a proxy for tax evasion. This means that all types of shareholders seek to avoid taxes, even in state-owned enterprises. Tax avoidance in Indonesia is difficult to eradicate because it is carried out by various parties, specifically tax officers, tax consultants, and taxpayers. The discussion of this research is limited to various factors that influence tax evasion. Subsequent research can identify how much the state loses due to tax evasion, which is carried out by tax officers, consultants, or by taxpayers. This research found that all types of owners avoid taxes. This can be prevented if the Indonesian government can 1) enforce the law, 2) increase the trust of taxpayers, 3) avoid showing off the luxurious life of tax officials and their families. 4) uphold honesty and avoid corrupt behaviour.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135780799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Multinational Corporations and SEO Discounts 跨国公司和SEO折扣

International Journal of Finance Banking Studies Pub Date : 2023-02-01 DOI: 10.20525/ijfbs.v11i4.2297

Anthony May

{"title":"Multinational Corporations and SEO Discounts","authors":"Anthony May","doi":"10.20525/ijfbs.v11i4.2297","DOIUrl":"https://doi.org/10.20525/ijfbs.v11i4.2297","url":null,"abstract":"The fact that publicly traded companies incur substantial costs when issuing new equity has been extensively documented in the empirical finance literature. In particular, numerous studies show that seasoned equity offerings (SEOs) tend to be priced significantly below prevailing market prices, thereby causing issuers to leave money on the table. Offer price discounting is an indirect flotation cost borne by pre-SEO shareholders that, according to extant theoretical and empirical research, arises due to asymmetric information. A heretofore unrelated literature argues that corporate multinationalism, i.e., establishing operations in one or more foreign countries, exacerbates the asymmetric information problem via greater costs to shareholders of monitoring the activities and performance of foreign subsidiaries. Motivated by these lines of thought, I investigate the relation between SEO discounting and corporate multinationalism. Using a sample of SEOs completed by U.S. firms between 1998 and 2016, I show that offer price discounting is significantly higher in offerings conducted by multinational firms relative to those conducted by purely domestic firms after controlling for known determinants of SEO discounts. This effect is stronger for multinational firms with foreign subsidiaries spread across a greater number of countries and weaker for multinationals that hire a high-reputation underwriter to lead the underwriting syndicate. These findings suggest that asymmetric information costs borne by seasoned equity issuers are increasing in the geographic scope of a firm’s operations, which can be mitigated by certification from a highly reputed lead underwriter.","PeriodicalId":30595,"journal":{"name":"International Journal of Finance Banking Studies","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136172052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

WOMEN ENTREPRENURS: FINANCING CHALLENGES DURING PANDEMIC 女企业家:大流行病期间的融资挑战

International Journal of Finance Banking Studies Pub Date : 2022-03-01 DOI: 10.18374/jifs-22-1.4

Isaura B. Flores, E. Muniz

引用次数: 0

INFORMATION PATHWAYS AND THEIR INFLUENCE ON CORRUPTION: AN EMPIRICAL STUDY 信息途径及其对腐败的影响:一个实证研究

International Journal of Finance Banking Studies Pub Date : 2022-03-01 DOI: 10.18374/jifs-22-1.2

Ahmed Elkassabgi, Kuldeep Singh, Aditya Limaye, D. Hunter

引用次数: 0