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Bankruptcy Prediction Models and Stock Prices of the Coal Mining Industry in Indonesia
No full textVarious bankruptcy prediction models have been used to measure the movement of stock prices, and thus the firms’ performance. This study is aimed at empirically exploring the usefulness of the Olhson, Almant Modification, Grover, Springate, and Zmijewski models for predicting bankruptcy of the 19 coal mining companies. It also attempts to measure the effects of the scores of these bankruptcy prediction models on the stock prices of the coal mining companies in Indonesia. The technique of analysis that used in this research is panel regression. The results of the study showed that the bankruptcy prediction scores of the Ohlson and Almant Modification were found to be the dominant prediction models that affected the stock prices of the coal companies in Indonesia. This indicates that the bankruptcy prediction model can be used as one of the approaches to measure the movement of stock prices and performance of the coal mining companies in Indonesia.DOI: 10.15408/etk.v17i1.655
Determinant of The Financial Literacy: Case Study on Career Woman in Indonesia
No full textFinancial literacy is one of the relevant facts in improving the economy. The purpose of this study was to examine the influence of demographic factors (i.e., marital status, education level, income, and age) and financial socialization agent on financial literacy. Using online and offline questionnaire survey from 100 respondents in Surabaya, East Java, and the study revealed that education level, personal income, and financial socialization agent, give the positive effect, while the marital status and age does not affect financial literacy. This result implies that the government can focus on educating the development and improvement of financial literacy for the society. It is believed to be a step forward in practicing financial planning from an early age to solve problems with financial management using financial knowledge, financial attitude, and financial behavior.DOI: 10.15408/etk.v17i2.668
Are Stock Prices a Random Walk? An Empirical Evidence of Asian Stock Markets
No full textInvestigating if the market is efficient is an old issue as market efficiency is imperative for channeling investments to best-valued projects and its importance endures. There is contradictory evidence in the literature provided by empirical researches. The primary purpose of this research has been to find out whether share prices are a random walk process by applying multiple unit root tests, Runs Test and newly developed State Space Model. The empirical findings of the study provide sufficient evidence that the stock prices of KSE 100 Index, S & P BSE 500 Index, and CSE All Share Index is not a random walk process and are thus weak form inefficient hypothesis. In this study, the concept of the random walk is examined considering only the stock markets while bypassing the other asset markets. This research supply exciting facts about independent samples from Pakistan, India, and Bangladesh and complement the existing literature on emerging markets.DOI: 10.15408/etk.v17i2.710
Foreign Direct Investment or External Debt and Domestic Saving: Which has Greater Impact on Growth
No full textThe choice taken by developing countries in meeting the lack of development funds has a varying effect. This study clarifies the role of foreign direct investment (FDI) compared to foreign loans and domestic savings in short- and long-term economic growth of Indonesia. Data were obtained from World Bank and Bank Indonesia and used in error correction model to explain the linkage between predictors and economic growth. We show that in the short run, the three explanatory variables significantly affect economic growth. In the long run, compared to FDI and foreign loans, domestic savings positively and significantly affect economic growth. This study emphasizes the importance of sustaining domestic savings to maintain the stability of economic fundamentals in the long term.DOI: 10.15408/etk.v17i1.712
Building Consumer-Based Brand Equity in Retail Banks: A Quantitative Study On a Pakistani Star Bank
No full textFirms are striving to increase their brand equity that ultimately leads to an increase in profitability. The purpose of the study is to identify the causal relationship of endorser\u27s credibility with Brand credibility and its meditating role on consumer-based brand equity in the banking sector of Pakistan. 384 active HBC account holders taken as the sample and data collected through a comprehensive questionnaire. Correlation and regression analysis were conducted to test the factors of attractiveness, expertise, trustworthiness, and popularity on Brand credibility and further its effect on Brand equity. The results suggest that in banking sector firm Expertise of endorser is the most significant factor followed by trustworthiness and popularity that influence brand credibility and attractiveness does not have any impact on brand credibility. The study provides an understanding of brand building strategy, and it also highlights a clear brand differentiation strategy for bank brands.DOI: 10.15408/etk.v17i2.672
The Determinants of Tax Compliance in Tax Amnesty Programs: Experimental Approach
No full textIn an effort of searching for a new source of revenue for funding the infrastructure development for Indonesia, the government chose to do tax amnesty in 2016. This research was conducted to study the effects of factors (wealth, tariff periods, tax penalties, and audit probability) towards tax compliance. Tax compliance measured from the number of units reported by taxpayers, the amount of value indicated by taxpayers, and participation from taxpayers. The study uses primary data that generated through experimental economics. The methods used are Variance Analysis. The result showed that the taxpayer with higher income has lower compliance rather than the taxpayer from lower income. The taxpayers prefer to report their assets at lower rates. The effort of enforcement from the government by implementing tax penalties and audit probability shows greater effect towards tax compliance.DOI: 10.15408/etk.v17i1.696
Determinants of Inflation in the Local Economy
No full textThis research analyzes the determinants of inflation rate in the local economy. It uses co-integration and vector error correction to capture the long and short run relationship between inflation rate and other economic variables. We find that the determinants of inflation rate in Yogyakarta are minimum wage, economic growth, and monetary variables indicated by BI-rate. More finding, exchange rate also contributes to the price change. This research finds evidence of long-run causality between minimum wage and inflation and unidirectional relationship from wage to inflation in the short run. This finding confirms the proposition of non-neutrality wage on price changes. The inflation rate in the local economy depends not only on the regional indicator but also depends on international changes reflected in the exchange rate. Monetary variable indicated by BI- rate also partially contributes to the price changes at the local level. Overall, the local government has successfully managed the price changes.DOI: 10.15408/etk.v17i1.714
The Effect of Democratic Zoning System on Nigeria Economy: Evidence of Niger State
No full textThe introduction of the zoning system into Nigeria political space was to aid the smooth rotation of key political positions across the country. This policy is to achieve fairness, peace and equitable distribution of resource. Its adverse effect on the economy is thus something to worry about. Therefore, the study examines the effect of democratic zoning system on the economy of Nigeria, with special reference to Niger state. Employing descriptive statistics and multiple regressions. The results revealed that the elements of democratic zoning vis-à-vis; peace, equity, unity and justice has a positive and significant effect on the growth of the Nigeria economy. The authors thus recommends the government at both levels should focus on providing simultaneous development projects to pave way for peace and unity, zoning system should be incorporated into the Nigeria constitution, unbiased and equitable distribution of resources across the economy.DOI: 10.15408/etk.v17i1.659
Internal Control, Anti-Fraud Awareness, and Prevention of Fraud
No full textFraud is a serious threat to the organization and should prevent as early as possible. The prevention and detection of fraud is the responsibility of management. The fraud experts estimate that the fraud that has revealed is a small part of all the actual fraud that occurred. Therefore, the main effort is on prevention. This study aims to determine the effect of internal controls and anti-fraud awareness in the prevention of fraud. The samples used were employees of UIN Syarif Hidayatullah Jakarta. Data were analyzed using multiple regressions. The results showed that the internal control does not affect the prevention of fraud. Meanwhile, the anti-fraud awareness significant positive effect on the prevention of fraud. The results of this study are not yet entirely following the conditions at UIN Syarif Hidayatullah Jakarta. UIN Syarif Hidayatullah Jakarta has the concept of internal control and fraud prevention is good, but not yet implemented correctly by all parties. There are still some things that need to be improved practice, for example regarding employee performance evaluation, and program promotion of employees.DOI: 10.15408/etk.v17i2.7473