Endri Piliang | STEI TAZKIA (original) (raw)

Papers by Endri Piliang

This study evaluate the performance of the technical efficiency of Islamic banking in Indonesia d... more This study evaluate the performance of the technical efficiency of Islamic banking in Indonesia during the period 2008-2010 using a two-stage Data Envelopment Analysis, in which the first step is to measure the performance of the technical efficiency of banks using Data Envelopment Analysis approach and next steps to estimate the factors affecting the performance efficiency technical using Tobit regression model. Based on the measurement of technical efficiency using DEA method showed that the 24 th Islamic Bank during the 2008-2010 period is still not efficient. It can be shown from the average relative rate is still below 100%. When compared to a group of Islamic banks between Islamic banks (BUS) and sharia business unit (UUS), indicating that the level of efficiency that BUS has a larger asset is much higher than UUS have smaller assets. Meanwhile, the second phase of testing using the Tobit method showed that the factor of total assets, bank type BUS or UUS, net operating income, the quality of financing has a positive but not significant. While the coefficient of capital adequacy ratio has a negative influence but are also not significant.

This study aims to estimate the influence of financial performance is proxied by total assets, de... more This study aims to estimate the influence of financial performance is proxied by total assets, debt equity ratio, coverage ratio, return on assets and return on equity to the ranks of corporate sukuk in Indonesia during the 2007-2009 period. This study uses multinomial logistic regression models because there are three categories of sukuk ratings, namely: AA, A, and BBB for 33 sample firms issuing sukuk in the Indonesia. The results of empirical studies have found that the variable total assets and ROA as an indicator of financial performance affects corporate sukuk ranking significantly. In order to achieve sustainable financial performance in order to improve the ranking of the sukuk, the study recommended the company to increase its total assets ROA profitability and improve performance

The purpose of the present study is to predict bank bankruptcy using three samples of Islamic ban... more The purpose of the present study is to predict bank bankruptcy using three samples of Islamic bank, that is Bank Muamalat Indonesia, Bank Syariah Mandiri and Bank Mega Syariah Indonesia. This study applies Altman's Z-Score Model during period 2005-2007 and the result shows that all Islamic banks in the sample are predicted will be bankrupt. With some of weaknesses of Altman's Z-Score model, this study carries implication for management bank for improving the financial performance for the future to avoid opportunity bankruptcy prediction.

Data panel adalah gabungan antara data runtut waktu (time series) dan data silang (cross section)... more Data panel adalah gabungan antara data runtut waktu (time series) dan data silang (cross section). Data runtut waktu biasanya meliputi satu objek/individu (misalnya harga saham, kurs mata uang, SBI, atau tingkat inflasi), tetapi meliputi beberapa periode (bisa harian, bulanan, kuartalan, atau tahunan). Data silang terdiri dari atas beberapa atau banyak objek, sering disebut responden (misalnya perusahaan) dengan beberapa jenis data (misalnya; laba, biaya iklan, laba ditahan, dan tingkat investasi) dalam suatu periode waktu tertentu. Ketika kita melakukan suatu observasi perilaku unit ekonomi seperti rumah tangga, perusahaan atau Negara, kita tidak hanya akan melakukan observasi terhadap unit-unit tersebut di dalam waktu yang bersamaan tetapi juga perilaku unit-unit tersebut pada berabagai periode waktu Regresi dengan menggunakan data panel disebut model regresi data panel. Ada beberapa keuntungan yang diperoleh dengan menggunakan data panel. Pertama, data panel merupakan gabungan data data time seris dan cross section mampu menyediakan data yang lebih banyak sehingga akan menghasilkan degree of freedom yang lebih besar.

Penelitian ini menggunakan pendekatan non-parametrik Data Envelopment Analysis untuk menganalisis... more Penelitian ini menggunakan pendekatan non-parametrik Data Envelopment Analysis untuk menganalisis efisiensi teknis Bank Pembangunan Daerah (BPD). Data yang digunakan selama 2006-2007 yang meliputi 26 bank BPD seluruh Indonesia. Hasil studi menunjukkan bahwa kinerja efisiensi teknis bank BPD belum mencapai tingkat efisiensi optimal 100 persen. Secara rata-rata, bank BPD beraset lebih besar lebih efisien daripada bank BPD beraset menengah dan kecil. Penelitian ini memiliki implikasi penting dalam rangka mengoptimalkan kinerja efisiensi maka bank kecil dan menengah harus melakukan merger dan meningkat fungsi intermediasi perbankan.

This study aims to estimate the influence of financial performance is proxied by total assets, de... more This study aims to estimate the influence of financial performance is proxied by total assets, debt equity ratio, coverage ratio, return on assets and return on equity to the ranks of corporate sukuk in Indonesia during the [2007][2008][2009] period. This study uses multinomial logistic regression models because there are three categories of sukuk ratings, namely: AA, A, and BBB for 33 sample firms issuing sukuk in the Indonesia. The results of empirical studies have found that the variable total assets and ROA as an indicator of financial performance affects corporate sukuk ranking significantly. In order to achieve sustainable financial performance in order to improve the ranking of the sukuk, the study recommended the company to increase its total assets ROA profitability and improve performance

This article investigated both the static and dynamic inter dependence of the five stock markets ... more This article investigated both the static and dynamic inter dependence of the five stock markets in the original Association of Southeast Asian Nations countries (ASEAN-5), namely Indonesia, Singapore, Malaysia, Thailand and Philippine. Using data from 2000-2008, the paper employed both correlation and co-integration analysis to describe the behavior of the above markets, both before and during 2007-2008 Global financial crisis. Examination of stock market index, using correlation analysis revealed an increase in the interdependencies (increased correlation) across the Southeast Asian stock markets during the crisis. Multivari-ate co-integration tests showed that ASEAN-5 stock markets only had one significant co integration vector along the crisis period. Along the full period there was one vector that significantly integrated or five common trends. This finding indicated the long time co-integration among the ASEAN-5 stock markets. On the other hand, along the global financial crisis no proof of long time co-integration was found among the ASEAN-5.

Tazkia Islamic Finance and Business Review, Aug 8, 2008

This paper analyzes the financial peformance

This research aims to test dividend signaling theory in the Jakarta Islamic Index groups. Signali... more This research aims to test dividend signaling theory in the Jakarta Islamic Index groups. Signaling theory states that dividend policy has information content that can influence to share price. This research usesamples in the form of company allocating dividend for period 2006-2007 which listed on Jakarta Islamic Index. Final samples which are utilized in this research are equal to 12 firms observation. Using the event-study method, the result of our research shows that at the significant level of 5%, there is only one working days which yield the abnormal return that is significant at the dividend announcements. Those are the sixth day before the event date with the value of 0.00889 or around 0.9%. The final conclusion is that stock price will negatively reacted to the announcement of dividend. Overall, the evidence tends to support the dividend irrelevancy hypothesis, but does not provide a support for the signaling theory. Evidence also indicates that dividend payment does not signal any information to the investors, which needs to be further investigated. PENDAHULUAN Pengumuman pembagian dividen dikatakan mempunyai kandungan informasi jika memberikan abnormal return yang signifikan terhadap pasar. Sebaliknya, pengumuman pembagian dividen dikatakan tidak mempunyai kandungan informasi jika tidak memberikan abnormal return yang signifikan terhadap pasar. Peningkatan dividen akan membuat pasar bereaksi positif bila pasar cenderung menginterpretasikan bahwa peningkatan dividen dianggap sebagai sinyal tentang prospek cerah perusahaan di masa mendatang, demikian juga sebaliknya pasar akan bereaksi negatif jika terjadi penurunan dividen, yang dianggap sebagai sinyal yang kurang bagus tentang prospek perusahaan di masa mendatang.

This study aims to investigate the performance of the technical efficiency of the banks listed on... more This study aims to investigate the performance of the technical efficiency of the banks listed on the Indonesia Stock Exchange (IDX) during the period 2010-2014. This study uses a two-stage approach, first measuring the technical efficiency of banks using the method of data envelopment analysis (DEA), and the second stage to estimate the influence of macroeconomic factors, namely interest rates, inflation rates, and exchange rates on the technical efficiency using Tobit regression model. Based on the results of the measurement of technical efficiency of the 22 banks using the DEA method, on average the level of technical efficiency of banks has not reached the level of 100 % optimum efficiency. Macroeconomic factors influence the estimation results using the Tobit regression model showed that the variable interest rates affect the technical efficiency of banks is negative, while the rate of inflation and the exchange rate affects positively. The empirical findings of this study have implications for national banks, especially banks listed on the Stock Exchange: (1) the bank must improve technical efficiency in its operations in order to achieve optimal efficiency score of 100 percent, and (2) with better technical efficiency , banks may face turbulence changes that occur in macroeconomic factors, especially interest rates, inflation rates, and exchange rates. 1. PENDAHULUAN Aspek efisiensi bagi industri perbankan nasional merupakan salah aspek penting yang harus diperhatikan oleh pengelola bank untuk dapat menghasilkan kinerja keuangan yang sehat dan berkelanjutan (sustainable performance). Menurut Wheelock dan Wilson (1995), efisiensi merupakan ukuran penting dari kondisi operasional bank dan menjadi salah satu kunci indikator sukses suatu bank. Sementara Berger dan Mester (1997), menganggap pentingnya efisiensi bagi perbankan dapat ditinjau dari perspektif mikro maupun makro. Berdasarkan perspektif mikro, dalam kondisi persaingan yang semakin tajam, maka sebuah bank agar dapat bertahan dan berkembang harus efisien dalam kegiatan operasinya. Sementara dari perspektif makro, industri perbankan yang efisien dapat mempengaruhi biaya intermediasi keuangan dan secara keseluruhan stabilitas sistem keuangan. Hal ini disebabkan peran yang sangat strategis dari industri perbankan sebagai intermediator dan produser jasa-jasa keuangan. Dengan tingkat efisiensi yang lebih tinggi, kinerja perbankan akan semakin lebih baik dalam mengalokasikan sumber daya keuangan, dan pada akhirnya dapat meningkatkan kegiatan investasi dan pertumbuhan ekonomi (Weill, 2003). Tingkat efisiensi bank sangat ditentukan oleh faktor-faktor yang dapat dikendalikan oleh manajemen perusahaan (internal factors) dan faktor-faktor diluar kendali manajemen (external factors). Faktor-faktor internal merupakan determinan yang menggambarkan kebijakan dan keputusan manajemen bank sendiri, seperti penghimpunan dan penggunaan dana (fund management), modal (capital management), manajemen likuiditas (liquidity management) dan manajemen biaya (expense management). Sedangkan, determinan eksternal lebih banyak dipengaruhi oleh variabel makroekonomi, antara lain adalah tingkat inflasi dan suku bunga. Inflasi sebagai indikator stabilitas makroekonomi, dan secara langsung terkait dengan tingkat suku bunga, dan selanjutnya biaya dan pendapatan bunga. Ketidakstabilan makroekonomi, secara umum akan menyebabkan dampak yang tidak bagi kinerja sektor perbankan. Kemampuan bank mengelola suku bunga dibawah kondisi inflasi tinggi dapat mempengaruhi struktur biaya bank dan selanjutnya mempengaruhi tingkat efisiensi. Di samping itu, dengan tingkat inflasi yang tinggi menyebabkan daya beli masyarakat melemah yang disertai juga dengan penurunan kemampuan dalam menyimpan dananya di bank. Penurunan jumlah dana yang

Abstrak: This paper investigation empirically the dynamic interdependence of the maroeconomy vari... more Abstrak: This paper investigation empirically the dynamic interdependence of the maroeconomy variables and stock returns with data the during period 2003 until 2008. Empirical investigation is conducted by the cointegration Engle-Granger method, error correction mechanism, and regression analysis. Result show significant long-run and short-run relationship between macroeconomic variable and stock returns.

This study aims to estimate the influence of financial performance is proxied by total assets, de... more This study aims to estimate the influence of financial performance is proxied by total assets, debt equity ratio, coverage ratio, return on assets and return on equity to the ranks of corporate sukuk in Indonesia during the [2007][2008][2009] period. This study uses multinomial logistic regression models because there are three categories of sukuk ratings, namely: AA, A, and BBB for 33 sample firms issuing sukuk in the Indonesia. The results of empirical studies have found that the variable total assets and ROA as an indicator of financial performance affects corporate sukuk ranking significantly. In order to achieve sustainable financial performance in order to improve the ranking of the sukuk, the study recommended the company to increase its total assets ROA profitability and improve performance

Tazkia Islamic Finance and Business Review, Aug 8, 2008

This paper analyzes the financial peformance