Volume 4, Nomor 3, Desember 2007












Profil Persaingan Usaha dalam Industri Perbankan Syariah di Indonesia


La Ode Muhammad Nikmat. Z                  232 – 254


Market segment in banking business competition is still opening widely in Indonesia. Market segment that concentrate in several group of banks in the competitive business environment is a polemic. This condition should not happen in national banking industry. Syariah banking have to get balance position to manage assets societ. This research us two analysis approaches, they were concentration ratio(CR2), Herfindahl and Hirschman Index (HHI). The industrial structure of syariah banking is oligopolistic. The concentration of market segment influence the ROA and ROE variable. It needs strategy in financing syndication to decrease consentration in several banks and also to maximize funding in stable function. It decreased a negative effect of competition. Recently, minimize the negative effect of market segment concentration will result stability in banking industry.


Analisis Tingkat Ketaatan Pengungkapan Wajib pada Laporan

Keuangan Perusahaan Publik Sektor Manufaktur


Sovi Ismawati Rahayu           255 – 268


Financial statements are formal records of business financial activities which need to be published. These statements are used by managements, labors, investors, creditors and government regulatory agencies. The objective of financial strength, performance and changes in financial position of enterprise that is useful to a wide range of users in making economic decisions. The aim of this research is to describe mandatory disclosures level of financial statements at public manufacturing companies in 2005 period. There were 27 manufacturing companies listed in Jakarta Stock Exchange observed in this study. The result of this research shows that mandatory disclosure level is 81% among the population observed, where the lower mandatory disclosure is 68%.


Agency Problem dalam Kontrak Mudharabah di Bank Syariah


Nurul Huda
Kurniawati                       269 – 300


Theoritically, the core of sharia bank product is profit-lost sharing system through musyarakah and mudharabah financing. However profit-lost sharing scheme cannot be performed completely by sharia bank, meanwhile murabahah scheme dominate over mudharabah scheme. Currently, most sharia banks in Indonesia mainly use murabahah rather than mudharabah scheme. The use of murabahah scheme instead of mudharabah mainly is due perception that profit-lost sharing scheme is indicated containing agency problem cause by asymmetric information between shahibul mal (investor) and mudharib (investee). To overcome this problem an effective screening process need to be done the project financed and to credit worthiness of mudharib. The research sample were sharia bank and sharia banking unit. To analyze the relationship between variables, the multiple regression was conducted. The research result showed the effective screening to attributes of the project financed and mudharib individualy or jointly influence the agency problem significantly, or in other words the screening to the project and mudharib attributes can minimize the possibility of agency problem in mudharabah contract.


Hubungan Kausalitas Granger antara Return Reksa Dana Syariah dan

Return Reksa Dana Konvensional


Moammer Natalo Akbar                      301 – 326


The development of sharia financial industry in Indonesia is phenomenal. Its estimated that the number of sharia financial institutions will still increase significantly. Hence, there is a need to have some investment alternatives, which can give an interesting return for investors. One of the alternatives investment is Sharia Mutual Fund. Sharia investors in Indonesia are rational investors that tend to seek investment, which give better return, where the religion issue is not the main reason for them. This research tries to observe the causality and the relationship between Sharia Mutual Fund (as a Sharia-based portfolio investment instrument) and Conventional Mutual Fund (as a conventional-based portfolio investment instrument). The research sampling taken from Mutual Fund of Fixed Income and Mixer Income. The Granger Causality Test, Vector Auto Regression (VAR) and Model Distributed Lag are employed as the analysis technique. The result suggest that on the first and second testing of mutual return of AAA Sharia Fund and BNI Dana Berbunga Dua, and a testing of Batasa Sharia Mutual Fund and Big Dana Likuid proved that there was a Granger Causality Relationship between those mutual fund. It showed that there is a bi-directional causality between mixed-type Sharia Mutual Fund and Fixed-Income Conventional Mutual Fund. On the third testing of BNI Dana Sharia Mutual Fund and AAA Bond Fund, there was no causality relationship. Nevertheless, further testing had shown that there was a one-directional relationship where Mutual Fund Conventional returns give impact to the Sharia Mutual Fund with the same type, which is fixed income. On the fourth testing between Amanah Sharia Mutual Fund and Bahana combine Arjuna, there was no ovidence of one-way causality relationship. It showed that the relationship of Sharia Mutual Fund and Conventional Mutual Fund is independent and consistent. The result also demonstrated that investment instrument from the Sharia Mutual Fund portfolio such as Sharia Bond, is still effected by the movement of conventional investment instruments in the market (i.e. interest rate, bond, and conventional obligation). Apart from the movement of instrument return, the Mutual Fund Return is also effected by the investor behavior and investment style of Investment Manager, which in turn an opaque setting of obligation fair value is still an issue in setting the Mutual Fund Net Asset Value and at the end will affect the return.


Psikologi Investor: Memahami Perilaku Investor di Pasar Modal


Verni Yuliaty Ismail               327 – 342


For many years it has been apparent that models of financial market using sets of standars, often known as Efficient Market Hypotheses (EMH). In other words, that all relevant information was reflected in asset prices and this was done so in a rational manner. In facts, investors are not totally rational figures as assumed by the traditional finance theory. With the waning of faith in the concept that market always efficient the role of investor psychology has come to be more widely recognize. Several aspects of behavioral finance appear to interact, of which two aspects are key: the role of individual psychology and role of crowd psychology. This paper present the psychological aspects of investors when making investment decision and explains its effect on investors decision making process in capital market.