To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investmentgrowth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms' financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity. Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan. ABSTRAK Untuk mencegah pertumbuhan investasi pada tahun 2013 sampai 2015 dari penurunan, Kementerian Industri memberikan insentif fiskal untuk merangsang pertumbuhan investasi. Meski begitu, pertumbuhan investasi perusahaan manufaktur masih menurun. Kondisi ini menunjukkan bahwa stimulus fiskal mungkin tidak efektif untuk mencegah pertumbuhan investasi menurun. Penurunan investasi tersebut mungkin dipengaruhi oleh kenaikan kendala keuangan perusahaan untuk mengakses sumber utang jangka panjang. Penelitian ini bertujuan untuk menguji pengaruh kendala keuangan dalam memoderasi pengaruh keputusan pembiayaan dari sumber pembiayaan internal terhadap investasi. Populasi penelitian ini adalah semua perusahaan manufaktur terdaftar di Indonesia dari tahun 2013 sampai 2015. Sampel dipilih berdasarkan ketersediaan laporan keuangan perusahaan yang mencakup periode penelitian. Studi tersebut menyimpulkan bahwa kendala keuangan secara signifikan melemahkan pengaruh keputusan pendanaan internal terhadap investasi. Perusahaan yang tidak dibatasi memiliki beta yang lebih tinggi daripada perusahaan yang dibatasi. Meskipun perusahaan yang tidak dibatasi memiliki kesempatan untuk memilih sumber pendanaan mereka, mereka lebih suka membiayai investasi mereka dari arus kas karena biaya hutang mungkin jauh lebih tinggi daripada biaya ekuitas. Oleh karena itu, untuk membantu perusahaan membiayai peluang investasi yang layak, pemerintah seharusnya tidak hanya memberikan insentif pajak tetapi juga memberikan pinjaman dengan bunga rendah.
According to the results of observation with teachers it is known that students still considered topic of fractions were difficult. Students often made mistakes in changing and calculating the fraction of operation. One of the causes in their mathematics literacy was low. Mathematics learning commonly stimulated the work of the right brain and left brain only and ignoring anxiety of students when facing fraction of questions. However, the mathematics learning based on cognitive neuroscience is very needed. This research aims to produce learning model prototype in term of improving students’ mathematical literacy with the accompanying impact on the growth of communicative and collaborative skills. The developed model used is 4D (define, design, develop, and disseminate). Methods of data collection used observation, questionnaires, documentation techniques, and tests. The research was conducted in 3 cycles with lesson study for learning communities, each cycle went through 2 stages of a plan-do-see. The research subjects were 40 students in fifth grade of elementary school in the odd semester of 2020. The data were analyzed descriptive qualitatively through data reduction, data presentation, and conclusions. Based on data validation with learning technology experts, learning evaluation experts, and neurosains experts got a good value category, so that the learning model prototype was suitable to use in learning. The results of the pre-test post-test value of the learning implementation were analyzed using the paired sample T-Test obtained by t Stat = -2,87 < t Critical two-tail = 2,02 which was learning model prototype can improve students’ mathematical literacy. The Mathematical anxiety shown a decreasing, the communicative skill of students grew, the collaborative skill had not shown a significant increase. So it can be concluded that the learning model prototype is effective.
This study examines the effect of risk management implementation on financial performance mediated by good corporate governance in the banking sector. The research design is quantitative research, which employs a mediating regression analysis in which good corporate governance is a mediating variable between risk management implementation and financial performance. By using a purposive sampling technique, this study includes 21 banks listed on the Indonesian Stock Exchange. The research results are that enterprise risk management implementation has a significant positive effect on good corporate governance. Enterprise risk management implementation has no significant impact on financial performance. Good corporate governance has a significant influence on financial performance. Finally, good corporate governance mediates enterprise risk management on financial performance. The contribution of this research is laid on the usage of content analysis to identify what kinds of banks' risks have a potency to expose banks to particular risks, as well as the examination of the role of good corporate governance as a mediating variable of the effect of risk management on financial performance. Banks should explicitly provide some information about the potential risks, risk appetite, risk measurement, and potential risk mitigation. Information on how the Good Corporate Governance responds to the foreseen potential risks is recommended.
Purpose -This study aims to examine how the interest rate risk management that has been reflected in banks' maturity gaps affect the net interest income (NII). Methodology -The population in this study is all conventional commercial (non-Sharia) banks in Indonesia as many as 99 banks. Of the 99 banks, 57 banks were selected as the sample of in the study. Determination of the sample is based on these criteria: the availability of the bank's annual report containing financial statements providing data about the descriptions of interest rate risk management, which also provides complete data about bank's RSA and RSL from 2013 -2017. There are five years of the research period, so 285 unit observations are used in the analysis. The study employs multiple regression analysis with panel data. Net interest income is derived from the difference between interest income and interest expense. The maturity gap is calculated as the difference between RSA and Risk RSL. The study uses a dummy variable of IRS, LDR, net NPL and ownership status of banks. Findings -The results of the study show that maturity gap has a negative effect on NII and banks with positive gaps have higher NII than banks with negative gaps. These results imply that when the interest rate decreases, the widened positive gap will lower NII. Conclusion -The conclusion of the research is that in conditions of declining interest rates, the more positive gap between RSA and RSL has decreased banks' NII. The practical implication of the results is that banks need to think about lowering the RSA by means of managing their assets, such as banks need to buy long-term securities, extend the loan maturity, and change the interest rate from the floating rate to a fixed rate. In terms of management liabilities, banks need to think about increasing RSL by giving premium interest rates for deposits with a maturity of less than one year, and by borrowing funds at fair interest rates.
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